One in four new retirees relying on state pension
A study carried out by Prudential has shown that almost one in four people retiring in 2008 will be reliant on the state for financial security.
Prudential polled around 4,000 people and found that close to a quarter of those approaching retirement have no savings at all to provide for themselves in later life.
The financial services firm also warns that the retirement prospects for younger generations of Britons could be worse than is currently the case, noting that the majority of final salary pension schemes are closed to new members.
"Prudential is warning that 2008 could be the beginning of the end for the golden age of retirement with younger generations facing a very different retirement future," a statement from the company read.
A poll by Scottish Widows revealed recently that more than 40 per cent of people aged over 55 believe that the state pension would not provide them with enough money to live comfortably.
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