Consumers urged to "pay attention" to long-term savings

Thu, 15 Nov 2007

There can sometimes be a "head in the sand mentality" among people when it comes to saving for retirement , it has been claimed.

Richard Sheppard, head of pensions for AWD Chase De Vere, suggested that people often get sidetracked by mortgage repayments or paying for a new car rather than "paying attention" to saving for the future.

According to Mr Sheppard, it is of "real concern" that there are approximately two million households coming to the end of their fixed-rate mortgage deals over the next six months.

"I think those individuals are going to be the ones that will be either reducing or suspending pension contributions, to fund their increased mortgage payments," he commented.

Earlier in the year, Matt Ward, principal consultant of pensions and wealth management at Defaqto, warned that many people are "sleepwalking" into their retirement , without making adequate financial plans .
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.