UK Money News
9th January 2008
'Gap exists between understanding and action' on pensions
There seems to be a disparity between the number of people aware that they are not saving enough for retirement and those actually addressing the issue, it has been claimed.
Life insurance and pensions firm Aegon has observed that while many people realise they will need more extensive help with money in old age than is offered by the state pension, they continually fail to save.
Rachel Vahey, head of pensions development at the company, said: "In some research that Aegon did last year, we found that one in five people have no pension or savings for their retirement, which is really quite a frightening statistic."
She added that a large proportion of people are already financially stretched and this means that they feel they are unable to store help with finance for later in life.
However, she added that careful financial planning can reveal where excess spending is occurring, allowing people
Recent money news from the Office for National Statistics reveals that 44 per cent of business organisations provide either a type of pension or access to such a product, compared to 52 per cent in 2003.
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