Brits ‘failing to save for old age’
June 25, 2008 by admin
Filed under News, News-Banking
Britons are not making adequate savings for their retirement, an expert has warned.
Donna Bradshaw, a financial planning strategist with IFG Financial Services, a firm of independent financial advisers, stated that people in Britain are simply not saving enough money.
This could be partly down to house prices, she continued.
Britons have developed a “national obsession” with property which has skewed people’s focus from saving for their retirement, Ms Bradshaw asserted.
“Over the years we’ve made pensions unattractive with maybe too much legislation but we need to focus people through an education process,” she added.
However, Britons are making some savings; figures released by the Building Societies Association show that during April, such financial institutions received record savings inflow of £1.8 billion.
Adrian Coles, director-general of the body, remarked that savers are increasingly aware that building societies offer good accounts for savers during such “uncertain economic times”.
