Debt woes and higher prices hitting retirement plans
Debt woes and higher prices hitting retirement plans
Thursday 5th June 2008
In a study conducted by financial services company Edward Jones, 43 per cent of those questioned said they are saving either "far less" or "a little less" in the current climate.
The situation is considerably worse for 23 per cent of the sample, who admitted that due to higher petrol and food prices and their debt levels they have yet to even start saving for retirement.
Andrew James, retirement planning manager at Edward Jones, commented: "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.
"If this trend continues then we are just storing up even more problems for the future."
The increasing pressure on Britons' finance is already impacting on consumers with figures from the Office of National Statistics showing there was a 4.3 per cent rise in the number individual voluntary arrangements (IVAs) in the first three months this year.
Are you considering an IVA? We can help.
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