UK Money News
21st July 2008
Pensioners fail to budget in retirement
Pensioners are failing to budget adequately for their retirement, leaving many facing an income shortfall in later life.
In a study conducted by Prudential, one out of four pension holders surveyed said they had spent around £8,000 more in their first year of retirement than they had in the following years.
Furthermore, of those who confessed to spending heavily in the first year, 19 per cent said that they now regretted doing so.
Gary Shaughnessy, managing director of Prudential's Retail Life & Pensions division, said that the findings underlined the importance of seeking out professional to help plan for retirement.
He added: "Seeing a financial adviser should be a baseline activity for everyone planning their retirement so that they structure their finances to maximise retirement income from all available sources, including pensions, savings and investments and equity in their homes, if necessary."
Just one third of pensioners surveyed by Prudential said they had set a retirement budget.
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