- Tuesday, 15 June 2010Consumers may need effective
debt management in later life if they do not prepare for retirement by paying into a pensions scheme.
According to Standard Life, only 46 per cent of people put money in a pension while 54 per cent prefer to spend money on their car.
Another 23 per cent of pension holders admit that they simply do not care and would prefer to spend cash on something else instead of saving it.
If people do not put aside money for retirement they may be faced with financial hardship and even the need for
debt management.
Mark Polson, head of customer management at Standard Life, said: "Our car and the jewellery we have at home are some of the most important assets we possess.
"However, these assets are often less valuable than those that aim to secure our financial future."
He added that consumers need to invest in their financial futures by putting money aside in a long-term savings scheme.
According to AA Financial Services, some consumers are cutting back on their expenses in order to save cash.
The most common cutback seems to be car washes or dining out, while others try to make savings on their weekly food shop
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Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960