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Bank claims: Many Brits 'uncertain about retirement income'

Many people could find themselves trying to fund their retirement by making loan claims or incurring credit card charges.

Recent research from Barings Asset Management revealed 25 per cent of Brits do not know how they will pay for things when they reach pension age.

Many UK adults have failed to plan their pension property, with just 56 per cent of people planning to use this income stream to help them in old age.

This indicates that 15.7 million individuals older than 18 but who have not yet retired will not use a pension to cope with retirement.

From 1st October 2012, employers will be obliged to automatically enrol their staff in a workplace pension scheme.

However, 29 per cent of respondents to the Barings poll forecast cash to play a role in their retirement planning, with the same proportion predicting property investments to have some utility at this time.

Furthermore, 17 per cent of people said inheritance would help them meet their expenses in retirement age.

"The suitability of some of these sources can be questioned, such as a reliance on inheritance," chief investment officer at Barings Marino Valensise said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801424915-ADNFCR



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