Britons neglect pension planning

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A new study has discovered that over 13 million adult Britons currently have no pension plan in place whatsoever.

According to research conducted by Baring Asset Management, 47 percent of the 25-34 year old respondents had made no attempt to start putting finds into a pension plan. As that age bracket is considered to be the prime age at which to start saving, these figures are worrying to say the least.

Marino Valensise, Chief Investment Officer at Barings, said: “Having such a large number of people without any form of pension provision is very worrying. It is highly likely that for those approaching retirement age, continuing to work indefinitely will be mandatory given they have no other income streams. At the same time, it is concerning to learn that only half of people in their late twenties and early thirties are contributing into a pension scheme. Kick starting a pension around this time is absolutely paramount given the impact it has on the end sum. Investing into a pension little and often is a much better approach than not at all.”

Without adequate funds set aside in a good pension plan, people could find that their retirement years are not as relaxing as they should be, and in the worst case they could be wrought with financial worry. If you want to find a pension plan that suits your personal situation, speak to a recommended IFA.