Recession 'could mean later retirement'
The downturn in the UK economy has forced almost a third of small- and medium-sized business owners to put the brakes on their retirement plans, a survey has found.
Research from the University of Nottingham has revealed that 31 per cent of those polled say they will be managing their businesses for longer to ensure they have enough money to retire.
Many of the businesses surveyed raised concerns over the government's reluctance to help small businesses access credit, while an even greater number blamed banks for calling in loans and tightening up overdrafts.
Additionally, the recession will mean more bad news for people saving for retirement as nearly a quarter of firms expect to shed staff over the coming months.
People looking forward to their pensions may need more than they previously thought, as figures from the Institute for Fiscal Studies recently revealed that inflation is rising for pensioners more than any other group.
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