People 'don't understand' pensions
Britons are often confused by pensions, resulting in too few people saving adequately for their retirement, it has been claimed.
People in the UK are more likely to spend than to save, a senior analyst at the investment broker Hargreaves Lansdown said, with the perception of pensions in the media doing little to remedy this.
Discussing individuals' slant on pensions, Meera Patel from the firm commented that "the moment you mention the word pensions their faces just drop".
"They are not complicated," she continued, "they shouldn't see pensions as a pension in their own right - they should actually see them as an investment in their own right".
A report by AXA this week warned that the state pension may be inadequate to cover the cost of the activities and luxuries that people anticipate enjoying in their retirement.
Its survey showed that adults in the UK given a budget at the level of basic state pension overspent on it by 158 per cent.
Evolve offers independent financial planning advice for those saving for retirement, for more details please click on our free brochures page.
Related Stories
This news is available in 