Feb 11 2008
Many British consumers are guilty of not facing up to the financial realities that will face them in later life, according to one expert.
Des Hamilton, head of the Pensions Advisory Service (TPAS), has claimed that there is a reluctance among people from across the country to focus their time and money on saving for retirement.
Mr Hamilton has suggested that this attitude stems from the fact that spending money is so much easier than saving it and that facing the responsibility of funding one's own retirement can be daunting.
"I don't think people like looking forward to retirement," said the TPAS chief.
"There's an ambivalence about it - the financial aspect of being able to fend and provide for yourself in retirement is very off-putting because it means deferring expenditure today," he added.
According to data compiled by the government's Actuary Department recently, the average life expectancy of people in the UK will rise to around 89 years for women and almost 86 years for men.
