Jul 23 2007
Pensions
So, it appears that no-one is saving enough for their retirement with the young being targeted in a recent survey. Apparently, HSBC research showed that half of young people between 16 and 24 believed they were too young to start saving into a pension. A Moneynet report revealed the following:
“However, the group’s research has shown that while a 21-year-old making a contribution of £75 each month into his pension will end up with a pension fund of almost £13,000 each year, a 30-year-old starting up will only receive £6,470.”
Probably, most people are aware that they save too little but with everyone but the owner having access to the savings pot it’s little wonder more people are keeping their cash somewhere else. Some will just spend it while others will invest it in places where it can’t be easily accessed by Government, greedy or incompetent pension providers and the Inland Revenue.
I can’t say I blame them really, we’ve done everything recommended for the past 30-odd years and it’s still worth bugger-all. It’s all too easy to blame Stock Market performance but all I see are banks and insurance companies getting fat on someone else’s hard work. Plus, there’s a ready supply of cheap labour in the form of pensioners who have little or no pension.