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Survey Reveals UK Consumers’ Lack of Retirement Planning (1 February 2012)

Date: 01/02/2012
Duncan Lewis, Legal News Solicitors, Survey Reveals UK Consumers’ Lack of Retirement Planning

The economic uncertainty is meaning that Britons are failing to save for their retirement, recent research has revealed. Only one in five consumers surveyed about their top financial priorities revealed that contributing to their pension was important to them. The study of 1,000 UK adults, conducted by the home shopping company, Kleeneze, also surveyed respondents about the way in which the economy had affected their personal financial situation. Nearly half of all respondents, 45 per cent, claimed that it had worsened. A similar number of respondents, 51 per cent, claimed that they surveyed their finances on a weekly basis. Nearly half, 44 per cent, of those surveyed claimed that clearing their existing debts was their prime financial concern.

Jamie Stewart, Kleeneze’s managing director, stated that it was worrying that many UK consumers had chosen to ignore vital financial concerns and had chosen not to focus on their long-term requirements. He added that it was encouraging that a large proportion of those surveyed said that they would consider taking on additional paid work as opposed to taking on greater debt. Mr. Stewart has warned consumers of the importance of not losing sight of their prime financial concerns and added that, for many individuals, an additional part-time job provided them with the second income required to take control of their own finances or to act as pension provision.

Duncan Lewis’ employment law solicitors understand the importance of contributing to a pension scheme and can provide valuable legal help to individuals involved in pension disputes.