Four in ten fear pension poverty

Around four in ten people in the UK are concerned that they do not have enough money saved for their retirement.

14:47 06 October 2004

Four in ten people in the UK are concerned that they do not have enough money saved for their retirement, a new study has revealed.

The Nationwide building society survey has shown that 40 per cent do not have enough pensions saving.

A further thirteen per cent said that they do not know if they have enough money to retire.

Women are particularly pessimistic, making up two thirds of respondents who doubted that they would have enough money in retirement.

Nationwide's chief economist Alex Bannister said the findings are "concerning" and warned the government that the issue needs urgent attention.

Meanwhile, consumer confidence in the future value of their homes has plummeted, with only 40 per cent expecting their property to be worth more in the future, down from 64 per cent in June.

However, Mr Bannister added that a "big chunk" of people consider property to be the answer, as the study showed one in three are considering investing in the buy-to-let market or property development as a way of increasing their income in later life.