Brits nearing retirement ‘haven’t put enough in savings accounts or pensions’
Many people of retirement age have failed to place enough money in savings accounts and pensions causing them to struggle financially, it has been reported.
Pensions expert Ros Altmann said that the issues regarding financial planning are extremely complex and more advice and guidance should be available.
The comments come following the release of statistics by internet pawn broker Borro.com, which claims to have seen a 160 per cent increase in the number of pensioners using their services in the past 12 months.
Ms Altmann said that there are a number of factors affecting the lack of funds being saved.
"Partly, they are in denial but also partly millions of people have been lulled into a false sense of security by pension forecasts that have failed to materialise," Ms Altmann explained.
She added that there has not been enough encouragement for people nearing retirement age to save.
Those who believe they are stuck in a position without savings were advised to consider their options carefully and understand "what the risks and realities" are.
Posted by Charles Mackay.