Report reveals 'retirement fears'
A new report has revealed that millions of British consumers are fearful of the lives they will lead when they reach retirement.
Only 57 per cent of the UK workers polled by Axa felt they would have enough money to live on when they retire and most are convinced that future pension reforms will leave them further out of pocket.
Among the pensioners the insurance firm quizzed, more than 80 per cent said their retirement has been better than it was for their parents and nearly two-thirds believe their children will struggle more than they have in later life.
Steve Folkard, head of pensions and savings policy at AXA, said: "Although the majority of retirees say that their retirement income is sufficient, people still in work should be aware that having a happy and prosperous retirement costs money, so it's vital they plan ahead."
Meanwhile, a recent report from Hartford Life suggested that an increasing number of people saving for retirement are concerned about the prospects of their assets in light of recent global economic turmoil.
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