19 September 2006
Workers aged between 30-50 years old are the least confident
about being able to provide for their retirement, according to
Alliance Trust.
Investment trust company Alliance Trust used its Retirement
Confidence Index to gauge people's confidence in their ability to
provide for their retirement on a scale of zero to ten, with zero
being totally unconfident and ten being totally confident.
The average response from people between 30 and 50 was 4.4,
compared with 5.1 from the under 30s and 5.2 for people over
50.
Hyman Wolanski, head of pensions at Alliance Trust, said: "It's
worrying to see that many in the prime of their working lives are
most uncomfortable about their retirement prospects.
"While locking regular sums into a pension might often be put
off in favour of more immediate financial demands, there is now
much more flexibility than ever in how people can save in pension
schemes for the future."
Mr Wolanski said other savings products, such as Isas, could be
more appropriate for young savers, who could choose to transfer
some of the money into a pension fund later on in their lives.
