Confidence falls for retirement

By Tom Farley, Tue 30 Sep 2008 - Published in Pensions

Retirement confidence has declined further, new research suggests.

According to Alliance Trust Savings, 43 per cent of all people are not confident over their retirement prospects, a decrease on the 40 per cent for 2007 and 38 per cent for 2006.

Furthermore, some 49 per cent of women lack confidence compared to 36 per cent of men, while those aged between 30 and 50 are the least confident with 59 cent unsure that their retirement income is adequate.

Steve Latto, pensions development manager at Alliance Trust, commented: "In the current economic conditions, consumers are taking a much more pessimistic view of their retirement prospects and are losing confidence about being able to provide for a comfortable retirement life."

However, he claimed that retirement planning is a life-long process and pointed out the earlier savings begins, the easier it will be to build a large fund.

Mr Latto also advised people not to use the current economic climate as an excuse to delay starting their pension or reduce contributions.

Last week, Paul Gachet, managing director of Exclusively Wills, suggested people with a fixed income and few assets are neglecting to make wills, while others wait until a death jolts them into action.

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