People 'need to plan for old age'

Wed 9 Jul 2008 - Published in Pensions

Although there has been an increase in non-pension savings recently, people are not saving enough for retirement, Scottish Widows claims.

Head of pensions Ian Naismith warned unless people start comparing money-saving deals that will support them through old age they could be facing a sharp drop in their standard of living later in life.

He commented: "There are things that, if we are realistic, we could cut out. We could cut out a foreign holiday every year. We could put off buying a new car."

A survey by Scottish Widows found four in ten Brits felt better off five years ago.

It also revealed 32 per cent are concerned about short-term money issues and 29 per cent are worried about their long-term finances.

The poll showed some 49 per cent of those questioned are not saving enough for old age.

Figures from Life Trust found retirement costs a typical couple in the UK Ł413,000 and an individual living alone Ł326,700.

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