Britons 'fear poverty in retirement'

Tuesday August 21, 2007

Retiring in poverty is the biggest fear of a quarter of Britons, latest research reveals, but we are fuelling this anxiety by spending today rather than saving for tomorrow.

According to the survey by Scottish Widows, having fun now is the biggest priority for most of the UK, ahead of saving for a child's future, getting on to the property ladder, looking good, and studying for extra qualifications. But coming second only to bad health, which secures just over a third of the votes, the fear of not having enough money in old age is most likely to keep us awake at night, ranking above looking old, being lonely and being unable to work.

"The nation has a head-in-the-sand approach to money," said Mike Hoban of Scottish Widows. "We're putting off thinking about our fears until tomorrow while we live for now, but it doesn't stop us from getting increasingly stressed as these worries niggle away.

"Just by being more sensible about money, and putting a little aside regularly for the future, Brits could alleviate their fear of poverty in old age - and perhaps even decide that having a secure financial future is a reason for happiness in the present."

Source - Harriet Meyer, Guardian