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Brits 'worried they will not have enough money during retirement'

By Tom Farley, Wed 11 Jun 2008 - Published in Pensions

Over half of Brits are concerned they will not be able to finance their retirement if they live into their 90s, a new survey has revealed.

Research by Life Trust Insurance also found that 40 per cent of people were worried they would not manage financially if they lived for the average life span of 82 years.

The company states that a person aged 50 today has a one in two chance of living into their 90s and a one in ten chance of reaching 100.

It warns that increased longevity could see many people needing to rethink their finances for retirement.

Andy Briscoe from Life Trust said: "We continue to see a real disconnect between people's perception of retirement, in terms of length and aspirations, and the money they have set aside to pay for it."

Around 36 per cent of people hope to see their great-grandchildren grow up, while 24 per cent said they plan to travel the world during retirement.

A survey by Edward Jones revealed 43 per cent of UK workers are saving less for their retirement as a result of increasing energy and food costs.