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News
A leading debt management company is reporting a rise in the numbers of its customers who cite loss of sleep as a direct result of debt anxiety as a major catalyst for contacting the company for help.
Annual average household expenditure is estimated to be £35,978. The corresponding figure for a household where the main occupant is 65 – 74 is £23,711 and £15,139 where they are aged 75 and over
A third of workers are more likely to go into work ill because of the economic downturn, a survey reveals. The study of 1,600, found that 30 per cent of workers are now more inclined to go to work sick as a result of the current economic climate. Around half of those choosing to turn up for duty while sick said the most important factor in their decision was job security.
With the recent Macmillan study showing cancer sufferers and their families are 20 times more likely to ask for help about financial issues, than about death and dying, Chartis Direct reports increased interest in its unique cancer insurance products WellWoman and CancerCare, which give cash payouts on diagnosis of cancer. Edition 23 24-07-2011
Hi, I’m Atul Srivastava. Welcome to Eco News! This is where I’ll give you news, reviews and video links to help you save your wallet and the world. If you’d like to be interviewed for a promotional video, email: atul@ecoexpert.tv |
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Daydreaming into retirement
Only 7% of Britons expect to be able to afford an independent retirement. 17-03-2010
Research from SHIP (Safe Home Income Plans), the equity release trade body shows only 7% expect to be able to afford an independent retirement but almost half expect to have a similar or better standard of living in retirement as they do when working.
Despite 91% of people agreeing that they were personally responsible for ensuring that they are financially stable during retirement, the research shows that 93% of Britons plan on taking state benefits when they retire. Only 2% of respondents stated that they would refuse as they don’t want to be a burden on the state.
Indeed, 61% of people intend to fund their retirement through a state pension, vs. only 35% of Britons who will rely on a private pension. However, not all Britons will rely on standard pension provisions to fund their retirement; 50% of Britons will use their savings, and 17% of Britons intend to plug the gap in their pension savings by working part-time to supplement their income.
The pension saving patterns of Britons remain inconsistent, as 34% of Britons have no regular pension plan, whilst 21% have saved into one in the past, but no longer do. Even more contradictory, 21% of Britons say that their structured pension plan will make up a large part of their retirement provision, but 23% of those who save regularly into pension plans reveal that it won’t be enough for them to retire comfortably on, leaving a gap in their finances.
Other key findings of the research found that:
• 70% of people would like the government to do more to educate them about retirement financial planning.
• Only 17% of people have had help planning their retirement from a financial adviser (either as a one off, or as regular help)
• 52% of people agreed that they were scared about how they would finance their retirement.
• 71% of Britons hadn’t spoken to their partner about planning their retirement finances
• 70% of people expect to have a better or equal standard of retirement than their parents
Andrea Rozario, Director General of SHIP, commented on the findings:
“It is clear that many people are living in a retirement funding daydream. They aren’t saving enough money, they aren’t consulting financial advisers and they aren’t talking about their options with their families- and yet they still expect to have a comfortable retirement, with the help of the state.
“Unfortunately, the well is running dry. In 2030 there will be 14,678,000 over 65’s* - more than ever before- and no way of supporting all of those in need. British people and the Government need to look at what is often their greatest asset- their property. By 2030, the over 65’s will be able to access £359 billon worth of housing equity**, and could be using this to ensure the comfort of their retirement, rather than relying on a pot of public resource that may not stretch to accommodate them. ”
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