Austerity measures trigger pension plans

Britons are giving greater attention to making provision for their retirement, according to a poll from Legal & General.

Pension advice for retirement

Pension advice for retirement

The provider’s ‘Money Mood’ survey found that 36 per cent of people are thinking of saving for a pension, up from 27 per cent the last time the poll was conducted six months ago.

Those in the 35 to 44 age group were mostly responsible for the increase, with L&G suggested that this may have been influenced by the increased publicity in surrounding the changes to retirement age, which will potentially have an impact on both men and women who will be retiring in 20 to 30 years time.

Continued turmoil for the economy and news of increasing job losses may also be encouraging people to save. In April, one in four interviewed said they planned to add to their savings over the next four weeks.

Mark Gregory, executive director of savings at Legal & General, said the news showed a changing attitude to saving.

He explained, ‘It is encouraging to see such a healthy rise this year in the number of people thinking about saving for their long-term retirement income.

‘The number of people who say they’re saving for a pension is up in almost all parts of the country with central regions showing the biggest increase. London is the only region to have fallen back on its results six months ago.’

Research for the survey was carried out on behalf of Legal & General by BMRB – TNS Access Omnibus Surveys. Telephone interviews were conducted among a nationally representative sample of around 1,000 adults between 1 to 3 April 2011.

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