Employee reward and benefits news
People are 'turning to bricks and mortar' and not pensions
People are saving less money into pension schemes and new figures from the National Association of Pension Funds suggest that only 34 per cent of people are confident that their pension will leave them with enough money for their retirement.
Keith Churchouse, director of Churchouse Financial Planning, said that people are becoming much more apathetic to the concept of saving for their later years.
He explained that the collapse of several insurance companies over the last ten years has made people think twice about investing in pensions and instead look for other assets such as ISAs and buy-to-lets.
Instead, people are turning to alternative assets, such as property, as it is something many see a guaranteed return on in one way or another.
Mr Churchouse added: "There are many [people] that are not very happy about that, and so many people have switched to things like buy-to-lets, as an example, where at least they can see bricks and mortar."
Posted by Elizabeth Mewes
