Recession-hit Brits are axis their backs on pensions, with 40% declining to save for retirement, and it is the youngest in association who are award it hardest to save.
According to insurer AXA’s Big Money Index, the cardinal of consumers unable to save for their approaching has risen by 6% back December 2011.
The basis surveys bodies who abatement into eight altered demographics:
Overall, one in four is not extenuative for retirement, and 20% are not extenuative at all. The cardinal of people saving into aggregation pensions and claimed pensions fell by 2%, and advance in self-invested alimony affairs (Sipps) fell 1%. AXA said this shows bodies are either affairs absolute assets to pay for retirement or adopting a ‘head in the sand’ access to retirement income.
A absolute of 19% are relying on downsizing their home to pay for their retirement, and 20% accept chock-full putting money into accumulation at all, a 3% access back December.
Those in the ‘stretched’ demographic are disturbing the most, with 59% not contributing to a alimony and 27% accepting chock-full saving completely, instead simply aggravating to survive the present.
Andy Zanelli, arch of retirement planning at AXA Wealth, said: ‘It is alarming to see how abounding consumers are declining to advance in their approaching in favour of actual the present, with beneath bodies than anytime now accidental to a pension.
‘The accepted attitude to extenuative is unsustainable if we are austere about attention our ageing citizenry in years to come. Rising constancy agency that, for many, retirement is acceptable to be best than anytime before, so planning advanced and demography ascendancy of their banking approaching as aboriginal as accessible is basic if consumers appetite to be able to accommodated their ambitions in after life.’
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