Brits 'not saving for retirement'

Posted on 30 June 2011

People are not putting enough money into their long-term savings, according to one expert, indicating that many may find it difficult when looking for ways to pay for care.

Jasmine Birtles, founder of moneymagpie.com, revealed that people are still thinking in the short and medium term, only putting money away for a "rainy day".

She stressed the importance of investing in the long-term future, explaining that most people are just worried about issues such as coping for a month if they lost their job or emergency household repairs.

"What I would like to see is people putting more money into pensions and stock market investments and generally for a retirement fund, but I think it still hasn't really permeated into general consciousness," said Ms Birtles.

This follows research by Scottish Widows which revealed that 3.2 million people would give up one month's salary in exchange for a once in a lifetime experience.

Posted by Nigel Murphy

 

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