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Pensions suffer during credit crunch
07 August 2008
People are being forced to reduce their pension contributions during the current economic climate, according to Prudential.
With the credit crunch and the rising cost of living squeezing household budgets, an increasing number of consumers are cutting back on their pensions just to pay their mortgage and energy bills, claims the head of business development for individual pensions at Prudential.
Julie Mulvanny said: "If you are struggling to just pay your mortgage and pay the bills in general, I think pensions are an easy one to stop making your payments to."
According to Ms Mulvanny, people need to save more for retirement as research by Prudential revealed that 30 per cent of people claim they do not save anything into pension fund.
"We have a culture of those not saving anything and of those saving something just not in pensions," she added.
According to the 'Cost of Retirement' report issued by Life Trust Insurance, retirement in the UK costs a typical household £413,000.
