Many people do not believe their pension will provide for them throughout their retirement, new findings reveal.
Although 59 per cent of adults have company or private pension plans, only one in four think it will give them enough income when they retire, according to a survey by GE Money and MoneyBasics.co.uk.
Of those over-65s who have already finished work, 60 per cent believe their pension will be enough to support them.
The research showed that men were more likely to have schemes in place than women and only 17 per cent of 18 to 24-year-olds have a pension plan set up.
Martyn Beauchamp, chief marketing officer of GE Money, said: "Good financial management and being able to plan and save for the future is an important part of maintaining the family finances."
Rising inflation rates are also affecting the elderly as over 75-year-olds spend seven per cent of their household budget on gas and electricity, the costs of which are increasing, the Alliance Trust reports.
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