UK citizens failing to save and risking debt

UK households are not focusing on long-term savings, according to official statistics, potentially putting them at risk of debt in later life.

Just 40% of men and 32% of women were putting money into private pensions, the research found.

The Office for National Statistics (ONS) also found that almost 80% of households had built up non-mortgage debt averaging 7,200.

A spokesperson for company Gregory Pennington said: “Saving for a pension is very important for the future, as the state pension allowance will only give retirees a relatively small income. Many retired people could even find themselves getting into debt because their income does not cover their costs.

“Today, some people may find their existing debts are preventing them from saving into a pension fund, in which case they should contact a debt adviser to discuss their options.”

Similar Posts:

• 40% of people approaching retirement `saddled with debt`
• About Long Term Pension Liabilities
• Pensions debt may impact workers` retirement funds
• Timely debt advice is essential
• How to Get Your Tax Refund Now!