Abacus Daily Debt News

Individuals ’should not delay saving’

People should not put off leaving money aside for their retirement as they risk financial struggles when they are older, one expert has suggested.

Senior partner at consultancy firm Fostor Denovo Ian Bird said that leaving it too late may mean employees need to continue working for longer than they wish.

He remarked: "There are an awful lot of people who aren’t fit enough to work later in life so you could find that you can’t work and can’t retire."

Those who rent properties may also discover they are unable to support themselves through equity release, Mr Bird added.

State pensions are unlikely to support the growing number of people reaching retirement age, he commented, with some people required to continue working into their early 70s in the future.

Earlier this month, the firm released a report showing that over one-quarter (28 per cent) of individuals in the 25 to 44 age bracket have not put any financial planning in place for when they retire.

By Francis Finch