People in the East Midlands are storing up last minute pension panic, says FSA.

Publication: M2 Presswire

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COPYRIGHT 2002 Ingram Investment Ltd.

M2 PRESSWIRE-31 May 2002-UK Government: People in the East Midlands are storing up last minute pension panic, says FSA (C)1994-2002 M2 COMMUNICATIONS LTD

RDATE:05312002

People in the East Midlands are storing up a nasty shock for when they approach retirement. Three out of five people in the East Midlands expect to maintain or improve their standard of living in retirement. Many people, however, have not checked whether they have enough saved until ten years before retirement, according to research by the financial watchdog, the Financial Services Authority.

People today, especially younger consumers, seem to base their expectations for retirement on what appears to be an over optimistic view that they will have paid off their debts and saved enough to give them a better standard of living at retirement, which may last for more than 25 years.

A survey of people in the East Midlands aged 18 or over who are working or seeking work showed that a third of respondents (33%)...

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