10 July 2008
Consumers have been urged by a financial expert to ensure they prioritise their finances and have adequate funding available to enjoy a decent standard of living when they retire. Ian Naismith, head of pensions market development at Scottish Widows, has advised workers to take steps to save for retirement. According to Mr Naismith, just over half of the UK population are "saving in a reasonably adequate way". "Most of us would accept that we're not going to be quite as well off after we retire as when we are working but we do want to be on a similar kind of lifestyle and unless we save now, we won't," he said. He added that individual savings accounts and other financial products are helping some people to save efficiently. Mr Naismith's comments follow the Scottish Widows 2008 pensions survey, which revealed that 41 per cent of people felt better off five years ago than they do now.
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