Retirement saving dip is 'big concern'
Millions of British consumers have reduced their efforts in saving for retirement in what has been described as a worrying trend.
Investment management firm Edward Jones reports that 43 per cent of workers around the country have reduce their retirement saving contributions since inflationary pressures really began to bite recently.
Petrol and food price rises are believed to have had a major impact on people's ability to set money aside and a quarter of British workers are yet to even start saving for retirement.
"If this trend continues then we are just storing up even more problems for the future," said Andrew James, retirement planning manager at Edward Jones.
"It's a big concern that the research shows people of all ages and social classes are cutting back saving for retirement in order to pay for essentials."
Meanwhile, a report from Alliance Trust this week has suggested that pensioners in the UK are being "pummelled" by the ongoing increases in inflationary pressures.
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