Pensions a priority for recession-weary parents
By myfinances.co.uk staff
The impact of the recession has made more parents think about the importance of encouraging their children to save in a pension and not to rely solely on property investments to fund their retirement, according to a new poll.
In its survey of 1,000 people, Aviva found that 88% were worried about the financial outlook for their kids.
Indeed, 60 per cent were concerned that their children would have to work beyond the default retirement age to ensure an adequate income.
Almost half (47%) said that encouraging their offspring to set aside money in a pension fund is now a top priority, with 36 per cent indicating that they would help to kick-start a savings pot.
In addition, 76% thought it too risky to rely on property investments alone to provide an income in retirement.
Aviva head of pensions Paul Goodwin said: "All too often, people put off saving for the future but individuals really need to make sure that they're doing something about it today."
Elsewhere, a recent poll by MGM Advantage found that 31% of adults - or around 11.2 million people - are worried that their standard of living will decline when they retire.
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- news ,
- personal pensions ,
- retirement age
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