Financial news categories
Financial news archive
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
More people to depend on savings than pensions
05 June 2008
In the future people will rely more on personal savings than their pension, according to financial advisors.
With pension schemes beginning to offer smaller payouts, people are more likely to save for their retirement by investing in saving accounts such as ISAs.
Keith Churchouse, director of Churchouse Financial Planning Limited, said: "I do think that people are very unlikely to be reliant on pensions in retirement. They are likely to be reliant on savings."
While the government is set to introduce the personal accounts system in which people contribute to their state pension, many are likely to opt of them depending on the economic climate, according to Mr Churchouse.
"There is reluctance among many people to pay into pensions, and there has been for a number of years. With personal accounts, you can still opt out of them," said Mr Churchouse
According to the Pension Commission's proposals, a pension should be two-thirds of a person's full-time income, however, the average household is heading towards just 42 per cent. 
