Fewer people are saving long term as covering current costs gets harder, according to AXA's Big Money Index 2012.
Forty per cent of respondents to the company's bi-annual report said they are not saving for retirement and a fifth said they do not save at all. This is up 6% since December 2011. Andy Zanelli, head of retirement planning, AXA Wealth, said: "It is alarming to see how many consumers are failing to invest in their future in favour of surviving the present, with fewer people than ever now contributing to a pension." Contributions to company and personal pension schemes have taken a knock, falling by 2%, said the report. It added investments in self-investment personal pensions (SIPPs...
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