Mar 25 2008
The debt problems that are being faced by million of people around the country are limiting their ability to save for retirement, a recent report has suggested.
According to figures from Brewin Dolphin, many thousands of British consumers have stopped saving for retirement as a result of the personal finance pressures they have been facing.
The practice is particularly common among young generations, notably those aged between 25 and 43, but neglecting pension pots in an effort to deal with more immediate debt concerns is becoming more common among all age groups, the financial services firm has revealed.
"Cutting pension contributions is always a false economy and will certainly cost you much more to replenish your funds in the future, than you will save in the short term," said Beverley Lavin, pension specialist at Brewin Dolphin.
Des Hamilton, technical director of the Pension Advisory Service, said recently that many young Britons are not taking their retirement savings efforts as seriously as they should.
