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Bank refunds: Planning out financial resources to last 'a challenge'

People who are trying to get bank refunds may be interested to hear that planning out their financial resources to last throughout their retirement will be a challenge.

Robin Ellison, partner at law firm Pinsent Masons, explained that people are living much longer now and that we may have to make our money last for much longer.

He said: "Hardly anyone appreciates how long they are going to live; most of us think we are going to live as long as our parents did, whereas in fact [we] might live five or ten years longer. Planning our financial resources to last that long is a challenge."

His comments follow research by M&S Money, which was released on April 2nd.

Findings showed that almost half (47 per cent) of consumers aged above 45 are not saving for retirement.

It revealed that those who are saving are not taking advantage of tax breaks offered by using an Isa.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.

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