Britons 'clueless' over pensions
Britons 'clueless' over pensions
Monday 13th October 2008
Amid the financial squeeze brought about by the credit crunch, some 85 per cent of Britons know, to the nearest £100 how much money is in their wallets or current accounts, said Hannah Edwards, head of new clients at independent financial planning firm Killik & Co.
Almost a third of people (32 per cent) are worried about their short-term financial situation, which could include problems like debt and bank credit, according to the Scottish Widows 2008 pensions survey.
But 78 per cent of Britons do not have a strategy for their pension and around 60 per cent do not know how much their pension funds are worth despite the current volatility in the financial markets, according to figures revealed by Malcolm Cuthbert, managing director of financial planning at Killik & Co.
"When you consider that it is most people's second biggest asset after their house it is really quite worrying. People don't have a clue, it's putting your head in the sand," he said.
Let Debt1 help solve your debt problems.
Related News
Sub-prime borrowers attempt to improve credit rating - 08/10/08
Debt-hit Britons are attempting to improve their battered credit records, a new study has shown
Debt-hit Britons are attempting to improve their battered credit records, a new study has shown
Loan repayment rates hiked by up to 9% - 06/10/08
Lenders have hiked rates on personal loans by as much as nine per cent in the last 28 days, as debt pressure continues to pile up on cash-strapped borrowers
Lenders have hiked rates on personal loans by as much as nine per cent in the last 28 days, as debt pressure continues to pile up on cash-strapped borrowers
Retirees 'still paying off debt' - 02/10/08
Nearly one quarter (24 per cent) of pensioners use lump sum retirement funds to help with their debt management, according to Scottish Widows
Nearly one quarter (24 per cent) of pensioners use lump sum retirement funds to help with their debt management, according to Scottish Widows
uSwitch: few to escape energy worries - 02/10/08
Few households will be "unscathed" and some may even need debt advice when the last energy supplier finally raises its prices, according to price comparison website uSwitch
Few households will be "unscathed" and some may even need debt advice when the last energy supplier finally raises its prices, according to price comparison website uSwitch
Investment clients given chance to compensate debt - 02/10/08
Consumers may be able to recoup some of their debt by claiming up to £48,000 if they have lost money through investment firms that have defaulted, it has been revealed
Consumers may be able to recoup some of their debt by claiming up to £48,000 if they have lost money through investment firms that have defaulted, it has been revealed
News Article Search
Quick Apply
News Archive