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Britons fear inadequate pensions
19 September 2008 11:00
Most people have personal pensions in place, according to a new survey, yet only a minority feel that theirs will be enough to sustain them throughout their retirement.
Nearly three out of five Britons have a pension, GE Money's poll revealed, with this falling to one in six among 18-to-24 year-olds, but rising to almost three out of four among 35-to-54 year-olds and to around four out of five for those aged 55 and over.
Yet barely more than one in four people believe that their pension will provide them with an adequate income after they have finished working, although this again included nearly half of all 55-to-64 year-olds and three out of five over-65s.
The study also discerned something of a gender gap, as just over half of all women have a pension compared to nearly two out of three men, while one in three males feel theirs will prove sufficient in retirement, a belief shared by less than one in five females.
GE Money's chief marketing officer Martyn Beauchamp warned young people that they face increasing costs that will impair their ability to save for the future and therefore urged them to start planning as early as possible how they will fund their retirements.
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