Brits are 'saving less for retirement'

By Tom Farley, Fri 6 Jun 2008 - Published in Pensions

Recent rises in the cost of energy and food are having a negative effect on people's pension plans, according to Edward Jones.

A survey by the financial services company shows that 43 per cent of workers said they were saving "a little less" or "far less" for their retirement in response to increasing prices at the petrol pumps and in supermarkets.

Of those questioned, 23 per cent admitted they had not even started saving for their old age.

Andrew James, retirement planning manager at Edward Jones said: "We all know the UK has a looming pensions' crisis and this news just adds to the problem."

He added that those in their late 40s and 50s were particularly vulnerable as they do not have the time to make up for any missed contributions.

Mr James has called for the government and all those involved in the pensions industry to keep driving the message home that saving for old age is imperative.

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