More people in the UK are thinking about stashing away money for their retirement as consumer confidence in long-term savings grow, the Association of British Insurers says today.
Its latest pensions and savings index out today suggests that 32% of people in the UK would now consider saving spare cash compared to just 26% last September.
Some 38% of those surveyed add they are confident they will have enough money to retire on – that is in increase of 3% on September's responses.
People also seem more confident the government will keep its word on pensions, with 17% saying they have faith in Tony Blair's pension policies.
Joanne Segars, head of pensions and savings at the ABI, says: "These figures show a small but significant change in the public’s attitude and levels of confidence towards pensions and savings in general."
She continues: "People are starting to think about savings for retirement and it looks like the question ‘Am I doing enough?’ is starting to filter through. This is an opportunity for government, the savings industry and employers to build on this change in attitude and help people to meet their expectations."
A huge caveate still remains. Some 44% of those surveyed still do not trust the government at all. Just 9% of those considering saving for a rainy day would also save for retirement.
"The Government must ensure that the measures in the Bill [the forthcoming Pensions Bill] provide a further boost to public trust, confidence and understanding in all types of pensions," Segars adds.IFAonline
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