61% of us are worried about financial security in old age |
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Fri, 11 Mar 2005 01:00
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A survey conducted by the Association of British Insurers’ Pensions and Savings Index (ABI) shows that people’s confidence has taken a u-turn over financial security in old age.
The study stated that the confidence of the people was at its lowest level for 18 months, after 61 per cent of the people said they were not at all confident about their financial security after retirement.
| The last time this kind of response came from people in Sept. 2003 survey.
ABI said this is an eye-opener for the concerned departments and government to work even harder and educate and prepare countrymen for retirement.
The state pension system, in particular, can be an essential part of this process, ABI said. People should also be encouraged to plan their current savings so that they can off-load the same in future, ABI added.
The research also found out that people were willing to work longer to have better retirement.
ABI said this shows that people are aware and willing to work for a longer period in their lives. Since medication and technology has increased the life span, people have come to understand that in order to live a happy retirement life they will have to work for a longer period.
ABI said although government was introducing and backing schemes that would encourage people to go on working for a longer time, still it fell short of expectations.
ABI said schemes will only work if it’s combined with a package of measures in order to woo people to save more and provide incentives so that they pay more towards pensions.
Meanwhile, the survey reported, just 19 per cent of people said they had trust in the government pension pledges, while 78 per cent said they do not.
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