UK Money News
23rd November 2007
Consumers 'may struggle on state pension'
Anyone choosing to rely on state pensions could be risking needing significant help with finance in retirement, it has been claimed.
Personal finance provider Prudential suggests that such a decision would be "foolhardy" and that increased awareness of the costs of living in retirement is required if more people are to save appropriately.
Ali Crossley, retirement insurance director at the firm, remarks: "25 per cent of people in the UK tell us that they don't have any kind of pension provision at all, which is actually terrifying.
"We feel strongly that people need to be made aware."
She added that, while it is difficult to get people's attention to discuss such help with money, consumers would be well advised to take heed of personal finance industry warnings.
In related money news, the Office for National statistics states that while there are 3.3 people of working age for every person of pensionable age in the UK, this figure is set to fall to 2.3 by 2051.
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