Fears over lack of planning for retirement

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THE economic uncertainty could mean that many Britons aren’t saving enough for their retirement, according to research.

When UK consumers were asked what their top financial priorities were, only one in five listed making pension contributions.

The study of 1,000 adults nationwide, by home shopping firm Kleeneze, also asked respondents about how their financial situation had been affected by the turmoil of the last year.

Almost half (45 per cent) said it had worsened, while a similar number (51 per cent) said they monitored their finances at the end of every week. Almost half (44 per cent) of consumers said clearing existing debt was their top financial concern

Jamie Stewart, the managing director for Kleeneze, said: “It’s worrying that so many people are ignoring important financial concerns and choosing to only focus on their short-term needs.

“Encouragingly, a large number of people said they would consider additional paid work rather than taking on more debt. It’s important not to bury your head in the sand and lose sight of key financial concerns. For many people, an additional part-time job that provides a much-needed second income is a good way to get in control of their finances or even act as a form of pension provision.”