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Failure to save 'driven by ambivalence'
11 February 2008
People are putting their retirement in jeopardy simply because "spending is so much easier than saving", according to The Pensions Advisory Service (TPAS).
Reports earlier this year indicated that as many as one in three people are not putting money aside to complement their state pension.
With life expectancy creeping up and expected to be at 86 for men and 89 for women by 2050, that leaves people with over two decades to live on state pension.
Des Hamilton, technical director for TPAS said: "I think there are a number of reasons. I don't think people like looking forward to retirement.
"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.
"It's the old battle; save or spend, and spending is so much easier than saving".
Meanwhile Halifax spokesperson Jason Clark suggested that while pension funds may not provide the most dramatic growth, they are safer than other investment vehicles.
