As the credit crunch bites, latest research shows people are becoming less confident about their retirement prospects. Alliance Trust Savings’ Retirement Confidence Index compiled from research carried out by YouGov, reveals that the number of people who say they won’t be able to provide comfortably for themselves in retirement has risen to 42%. This compares to 40% in 2007 and 38% in 2006.
Commenting on the findings, Alliance Trust Savings Pensions Development Manager Steve Latto said, “It is important to remember that retirement planning is a long-term process. The usual rules apply – the earlier you start saving for your retirement, the easier it will be for you to be able to accumulate a sufficiently big enough pension pot. Retirement planning can be as easy as starting to save in an ISA, which can later be transferred into a pension wrapper.”
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