Retirement concerns for people in debt
Retirement concerns for people in debt
Friday 17th October 2008
Some seven million Britons are currently not saving enough for retirement, according to Gordon Lishman, director general of Age Concern.
It comes as UK debt is growing by £1 million every 8.5 minutes, according to money education charity Credit Action.
The result is that many Britons might not have sufficient resources when they are reaching retirement age and might need to consider an individual voluntary arrangement.
Mr Lishman added: "Public confidence in pensions has been rocked by high-profile pension schemes going bust in recent years and this, along with competing financial pressures, can lead to people de-prioritising saving for retirement."
The average cost for a four-year stay in a care home is set to reach £223,476 by 2028, while the average cost of a house today is £181,810, research by Saga has noted.
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