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Millions of Britons could be set to face financial difficulties in later life, it has been suggested.
In figures released by Edward Jones, just under a third (30 per cent) of those aged between 45 and 54 are yet to start putting money away for their retirement. Meanwhile, an estimated 12 per cent of the over-55s are yet to begin setting any cash aside for when they are older. However, the majority of those in this age group who are preparing their finances in later life were said to have started to do so when they were between 35 and 50. As a result of this general lack of savings, many consumers consequently develop problems in meeting demands for payments on areas such as utility bills, credit cards and personal loans should they decide to stop working.
Commenting on the study, Andrew James, retirement planning manager for Edward Jones, said: "The most worrying aspect is the high proportion of middle-aged people who have made no provision for their retirement. They are the very category who will find it most difficult to make adequate provision simply because time is running out".
"Those people are from a generation brought up to believe the state would provide them with a good standard of living in their retirement which is simply not the case today. I fear many of them may be working past normal retirement age."
Despite the negative outlook for middle-aged Britons, the saving habits of younger consumers were reported to indicate a "glimmer of hope". Just under half (46 per cent) of those aged 25 to 34 were revealed to be setting money aside for when they retire. Meanwhile, some 57 per cent of 35 to 44-year-olds are said to be currently saving. Mr James reported that these findings showed that young people are "getting the message about saving for their retirement".
Consequently, he claimed that both the government and institutions involved in the pensions industry need to do more to encourage people to start putting money into retirement schemes. The manager reported that by introducing clearer guidelines on pension products, the public's financial knowledge will improve which in turn would lead them to take more efficient steps in reducing strains on their monetary situation in later life.
Earlier this year, Prudential reported that more than five million people (14 per cent of British adults) believe that they will be unable to afford to retire due to pressures on their finances such as servicing debts and a shortfall of savings into pension schemes. In a report, claimed to make for "depressing reading", Gary Shaughnessy, managing director for the financial services firm's retail life and pensions division, claimed that many consumers would have to undergo a "significant change in lifestyle" to be able to give up working. Findings from the company showed that just under a fifth (17 per cent) of adults are looking to retire when they are between 66 and 70 years old, in comparison to nine per cent aiming to stop working when at least 70.
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