Jul 8 2008
Close to one-third of people aged over 50 in the UK cannot afford to set money aside on a regular basis, according to a new report.
Figures compiled on behalf of the Post Office have shown that an increasing number of pre-retired Britons are finding it impossible to save and are using credit cards to fund their everyday expenses.
Inflationary pressures have been rising in recent months and it is anticipated that the efforts of people saving for retirement could be increasingly hindered by cost of living in increases as the year goes on.
"In an economic climate where living costs are soaring over 50s are finding they cannot afford to save and are more reliant on credit," explained Duncan Caesar-Gordon from the Post Office.
Earlier this month, a report from the LV= financial services firm claimed that people saving for retirement in the UK are more confused than ever about pensions.
