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Older people 'not saving for retirement' PDF Print E-mail
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Latest Recruitment News - Mature Aged Recruitment News
Written by DirectNews Feed   
Wednesday, 10 February 2010 00:00
Older people 'not saving for retirement'People may be required to stay in 40-plus jobs for longer in order to afford retirement, new research suggests.

A study carried out by Aviva found that 40 per cent of people aged between 55 and 64 are not putting any money away into a pension pot.

Figures also showed that many in this age group have still not paid off their mortgage, with one in five still owing more than £75,000.

Clive Bolton, spokesman for Aviva, commented: "We would strongly advise people to start saving for their retirement as early as possible."

The findings coincide with research from Standard Life, which showed that lots of younger people are similarly failing to save up for the future.

It revealed that about half of 28 to 40-year-olds believe they will have to make their own retirement plans, as they cannot rely on the state to support them.

Despite this, only 53 per cent of respondents in this age group said they are saving up for later life.
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