Over-50s 'facing potential retirement time bomb'
Millions of Britons nearing their 50s and 60s are yet to make financial plans for their retirement, it has been claimed, which could lead to a "time bomb" for a generation of British consumers.
Recently published research from Abbey reveals that 4.8 million 45-54-year-olds have not started making financial provisions for their retirement, with a further 4.5 million Britons over 55 also not doing so.
Furthermore, 1.5 million Britons over the age of 55 believe that they will have to rely on their home as their sole source of income in their retirement.
Reza Attar-Zadeh, head of savings at the firm, said: "This research shows the potential retirement time bomb that the 50-plus generation are facing."
He added that the firm was introducing savings plans with "competitive" interest rates aimed at this section of consumers in an attempt to encourage this age group to save for retirement.
Last November, the Association of British Insurers reported that 12 million Britons are not saving enough for their retirement, with many believing that proposed government reforms to the pensions system will ever be introduced.
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