UK Money News
11th June 2008
Britons reveal retirement fears
More and more Britons are becoming concerned over financing their retirement years as a result of increased lifespans, it has been revealed.
In a poll conducted by Life Trust Insurance, over half (54 per cent) of those quizzed admitted that they would be worried over their ability to meet day to day living costs should they live for ten years longer than the average lifespan.
The survey's results come at a time when recent studies showed that a person aged 50 now has a one in two chance of living to 90 – eight years beyond the officially acknowledged official average lifespan of 82 years.
It was also revealed that they have a one in ten (10 per cent) chance of reaching the age of 100.
Andy Briscoe, chief executive officer of Life Trust, urged consumers who are worried to take action to address the problem.
He said: "We're all living longer than ever before, which should be seen as an opportunity not a burden. But we continue to see a real disconnect between people's perception of retirement, in terms of length and aspirations, and the money they have set aside to pay for it.
"People need to really consider what they want to achieve in these years and put plans in place to ensure they can afford it."
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