Britons 'losing confidence' in pensions

16/09/2009

A growing number of British adults are concerned that traditional pension schemes are unlikely to provide for their during their retirement years.

Research carried out by PricewaterhouseCoopers (PwC) found that just one in three people now have trust in their pension schemes, with many fearing that they will continue to struggle with debt long after they have finished working.

This lack of optimism was found to be most acute in the north-east of England and Northern Ireland, while women were also revealed to be less trusting of traditional pension schemes than men.

At the same time, however, younger Britons expressed greater levels of confidence in pensions than their older counterparts, with just one in four of the over-55s believing that their pension pot will provide them with a comfortable retirement.

Mark McClintock, a partner at PwC in Belfast, noted: "While employers are grappling to repair vast pension deficits and reviewing future pension provision, it seems that employees do not necessarily value or trust pensions as a savings opportunity in the first place."

Meanwhile, the government has pledged to do more to help thousands of British expat pensioners living in Spain as they struggle on the back of massive falls in the country's housing market.

Tags; Retirement Money Problems,

Regional Debt Advice; Debt Help Northern Ireland, Debt Advice Belfast, Debt Advice Northern Ireland,

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