Recession-hit Brits seek alternative retirement income

Tuesday, November 24th 2009

Over one-third of Britons believe the recession has reduced their retirement funds, prompting them to search for other ways of financing their later years.

This is according to a new study by Aviva, which also showed that 23 per cent of consumers have had to cut spending to be able to save enough for retirement, while 19 per cent are worried that their pension will not be worth as much as they thought in the future.

Over three million Britons were revealed to have no provisions at all in place for funding old age.

"We would ... urge people to begin saving as early as possible for their retirement to make sure they do not have to make major lifestyle changes later in life," commented Brian Bussell, director of pensions at Aviva's UK Life department.

A recent study by AXA indicated that one-fifth of 18 to 24-year-olds are delaying starting a pension because they are put off by the word used to refer to their retirement funds.