The UK could be heading for a
“perfect retirement storm” warns Standard Life.
This ominous announcement is
based on a study conducted by the insurer of individuals aged 45 to
65 who have financial plans in place to provide for their long-term
future.
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Standard Life found that
among this group 21% believe their financial plans will no longer
support them into the future.
This is in addition to the
10% who reported that they have never felt confident in the ability
of their financial plans to do so.
Of those individuals in the
group studied who are not yet retired, 7% believe they will never
be able to stop work. Extrapolated across the UK’s entire working
population this would indicate that there are more than 780,000
people who feel they will never be able to retire, noted Standard
Life.
Underscoring Standard Life’s
gloomy findings is an analysis of the state of UK households’
finances by Alliance Trust.
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By GlobalDataAccording to the investment
management company, based on data going back to 1997 its UK
households’ financial wellbeing index suffered a record decline in
the third quarter of 2011.
“The record decline in our
index in the third quarter highlights just how tough conditions
facing households are,” said Linsey Thomson, senior economic
analyst at the Alliance Trust Research Centre.
