UK Money News
12th February 2008
Fear of ageing stymies pension planning
One of the principal reasons people neglect to save for retirement is that this means deferring pleasure in the meantime and facing up to the dread notion that they will be old one day, the Pensions Advisory Service (PSA) has claimed.
During January, a study from the Department of Work and Pensions found that one in three Britons is not putting anything aside for a pension.
This reluctance of Brits to commit money to a pension fund is due in part to a natural disinclination to think about how the advancing years affect us, Des Hamilton the PSA said.
We also put off contributing to retirement funds by the promise of instant pleasure that spending offers, he said.
Mr Hamilton explained: "There's an ambivalence about it [saving for pensions] - the financial aspect of being able to fend and provide for yourself in retirement is very off-putting because it means deferring expenditure today.
"It's the old battle; save or spend, and spending is so much easier than saving."
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