UK Money News
8th January 2008
Consumers 'confused about pensions priorities'
New findings from one personal finance firm suggest that many consumers remain confused about the best ways to save for retirement, it claims.
Fidelity International states that the priorities consumers set when considering how to establish help with money for their old age do not match those advised by professionals.
The firm asserts that the amount saved over a lifetime is the most important factor to consider, followed by the saving start date, the correct asset allocation, the right investment funds and the best pension plan.
However, members of the public ranked the best pension plan as their top priority for successful saving, while putting the date at which saving started at number four.
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Peter Hicks, spokesperson for Fidelity International, comments: "We are saving too little, starting too late and then misjudging critical elements of planning and investment decision-making.
"Furthermore, despite the heightened public debate about these issues, many people continue to view them as applying to everyone but themselves."
Recently, Fidelity International urged the government to review aspects of the pensions bill, which it said currently did not provide a role for risk sharing.
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