Debt management could alleviate 'blind' approach to pensions
Debt management could alleviate 'blind' approach to pensions
Friday 11th September 2009
According to a poll from Morningstar.co.uk for the Institute of Financial Planning's (IFP) Financial Planning Week, the large majority of people are unprepared for their latter years.
The survey reveals that 74 per cent of people do not believe their current savings plan is sufficient enough to adequately support them through the retirement they desire.
A further 77 per cent do not have a clear concept of what their needs will be in retirement.
Barry Horner, chief executive of Paradigm Norton Financial Planning and president of the IFOP, said that key to addressing these figures was an increase in pension provider credibility and associated consumer interest.
He commented: "So few individuals have any idea of how much they need to set aside in retirement."
"The poor reputation that pensions and pension providers now have in the eyes of the general public [has] doubtless resulted in a lack of interest in the need to plan for the future."
People who are struggling to cope financially and unsure of how this might impact upon their retirement years could consider speaking to a debt management specialist to try and formulate a plan for moving forward financially.
Morningstar.co.uk online editor Holly Cook suggested that the website's findings indicated a "hands-over-the-eyes approach when it comes to managing … pre-retirement finances."
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