Britons 'should begin retirement savings early'
Britons 'should begin retirement savings early'
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Home Page > Finance > Personal Finance > Britons 'should begin retirement savings early'
Britons 'should begin retirement savings early'
Posted: Jun 22, 2011 |Comments: 0
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Consumers have been urged to begin saving for later in life as soon as possible.
Beginning to store cash in savings accounts such as ISAs and fixed rate bonds to help with retirement funding early in life has numerous advantages.
That is the opinion of Sarah Pennells, editor of online resource Savvy Woman, who believes that planning far ahead in terms of pensions is a good idea, as it gives consumers a clear opportunity to provide themselves with a strong financial safety net and long-term monetary security.
Ms Pennells explained that adding funds into a pension pot from an early age also means that people can make smaller contributions, as opposed to reaching middle age and being forced to stash a larger proportion of their income.
She insisted that under no circumstances should employees reject the chance to join their company’s pension scheme if they are willing to make contributions on the individual’s behalf.
This could then be supplemented by taking personal responsibility for a separate savings account, as doing this will help boost the cash you have available after finishing work permanently.
“If your employer makes payments into your pension scheme for you, it’s like turning down a pay rise if you don’t sign up,” the specialist maintained.
Last week (May 31st), Alliance Trust Savings published research showing that 34 per cent of parents contributed the maximum gross amount of £3,600 in the last tax year to their child’s self invested personal pension.
If this was maintained from the child’s birth until they were 18, it could provide a youngster with a pension worth £1.75 million by the time they are 65.
Recently, Robin Ellison of Pinsent Masons urged individuals to go online to find the best savings account deals for their individual needs in retirement, as this is a “fantastic tool” where the majority of the most attractive packages can be taken out.
Meanwhile, the majority of Britons are concerned about their finances due to issues such as credit card debt and rising gas and electric costs, new research has shown.
According to a study published by The Co-operative Bank yesterday (June 21st), some 80 per cent of the adult population in the UK have worries based on their monetary situation in the wake of the recession.
Utility price hikes and personal debt were found to be the primary reason behind this unease with 21 per cent of respondents indicating this to be the case, while eight per cent are concerned because of their lack of funds stored in savings accounts.
John Hughes, director of retail banking at the company, observed: “The fact that 80 per cent of consumers are currently worried about money is a saddening yet unsurprising figure given the current economic climate and increasing cost of living.”
This comes after Stuart Carmichael, director of Debt Support Trust, commented that many people are now unable to make ends meet without using a credit card.
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About the Author:
UK Price Comparison website Which4U – Compare Credit Cards, ISAs, Bank Accounts, Fixed Rate Bonds, Savings Accounts, Mortgages, Insurance, TV & Broadband and Gas/Electric bills to find the best UK deals
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