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Saving 'crucial' for stretched pension pots
28 November 2008 17:04
Stretched demand on British pension pots means that saving money is more important than ever, according to one lender.
Hetal Parmar, savings manager for Alliance and Leicester, believes that living comfortably during retirement may entail living on a strict budget today.
His comments come on the back of a study by the bank, which found that over half of Britons have now realised that they are going to have to put money into their pensions for much longer than previously thought.
Mr Parmar said that in the presently challenging financial climate, everybody was considering their financial future, with many people engaging in belt tightening to save money.
The bank's research showed, he added, that a sizeable number of people had yet to save enough to live comfortably in their retirement, which meant they were having to live stringently today.
According to research by the Life Trust insurance, living for 35 years after retirement comes at a cost of £750,000.
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