Retirement in the red raises fears across Yorkshire

THE fear of poverty in retirement is the biggest financial worry for people in Yorkshire, a new survey has found.
Retirement remains a holy grail for manyRetirement remains a holy grail for many
Retirement remains a holy grail for many

More than eight people in 10 (83 per cent) have admitted to concerns that they will not save enough to fund the autumn years of their lives, while 35 per cent of people across the Broad Acres are worried about falling into debt.

As the county prepares for next week’s Budget statement by Chancellor George Osborne, who is expected to focus on the need for thrift, research by top UK cashback site Topcashback has revealed an alarming lack of financial acumen in the UK.

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Thirty per cent of people worry about being unable to save, 29 per cent fear not having enough money to cover monthly expenditures (29 per cent) and not being able to afford a comfortable lifestyle and 16 per cent are concerned about missing mortgage/rent payments.

The research exposes the low confidence many people have when it comes to personal finances: 43 per cent of those surveyed said they struggled to make the right financial choices, and of those, 63 per cent blamed it on not fully understanding their financial situation, while 61 per cent said it was because they didn’t realise the consequences of their bad spending and saving habits.

More than half of the survey - 53 per cent - blamed their poor money management on overspending and taking out personal loans they couldn’t pay back, as well as living outside of their means (53 per cent) and not realising the consequences of having minimal savings (35 per cent).

The research also lists living payday to payday (31 per cent), being unable to save (30 per cent) and not being able to afford a comfortable lifestyle (26 per cent) as other top financial fears.

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Confusion and a lack of understanding, which so often go hand in hand with fear, may be at the root of this worry.

Of those who have struggled with making the right financial choices (47 per cent), almost two thirds (63 per cent) blame their wrong decisions on not fully understanding their financial situation, while 56 per cent say it was because they did not realise the consequences of their bad spending and saving habits.

Natasha Rachel Smith, consumer affairs editor for TopCashback.co.uk, said: “Finances can be a very tricky and daunting subject, particularly in areas such as pensions, investments and even day-to-day money management.

“Many people have a tendency to ignore financial matters because they find them too difficult to understand or because they don’t fully appreciate their financial situation.”

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