People 'should start saving now' for retirement
Some 49 per cent of Brits are not saving adequately to fund their retirement years, new research has revealed.
The study, carried out by YouGov on behalf of Scottish Widows, found that one-quarter of people who received a lump sum from their pension arrangement used the funds to pay off other debts, while 17 per cent used these funds to pay off their mortgage.
However, Ian Naismith, head of pensions market development at Scottish Widows, asserted that people who are still working need to plan ahead for their retirement so they can spend their funds the way they want to, rather than to pay off debts.
""If people take action now to start saving enough, then they will be able to make their retirement dreams and aspirations come true, avoiding what can be the reality of having to struggle to get by in later years," he said.
Earlier this week, independent financial advisory group Origen teamed up with Cancer Research UK to launch a new service to help people who have been impacted by cancer as they save for their retirement.
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