HALF OF WOMEN WITHOUT A PENSION
Almost half of all British women of working age do not have any pension provision, a study conducted by Baring Asset Management showed earlier this week. The total number of women who have yet to retire without a pension is increasing year-on-year. Equally shocking, a fifth of all working adults aged 55-64 do not have a pension either. More than three-quarters of 18 to 24-year-olds and 44 per cent of Londoners do not have a pension. Marino Valensise, chief investment officer at Barings, says: “Increasingly, retirement will be seen as a luxury for people as opposed to a right.”
SEX ADVICE LESS SCARY THAN PENSIONS
Parents feel more comfortable talking to their kids about sex than about pensions, a survey for the Department for Work and Pensions has shown. A third of 18 to 24-year-olds were given safe sex advice by their parents but only one in 10 were told about saving for retirement. Parents were most likely to give advice about getting a job, followed by short-term money management and debt advice. Jasmine Birtles, pensions expert, said: “A few parents understand the importance of long-term planning as well as day-to-day savvy spending but most are in the dark themselves.”
MORE MEN SAVING IN CASE OF JOB LOSS
The economic climate might be slowly improving but four in 10 men say they are saving in case they lose their jobs, the August MoneyMood survey from Legal & General has shown. This is in spite of the percentage of men who say they are in the mood to save falling to 56 per cent from 59 per cent in 2009. The increase is largest among the 25 to 34 age group, which may suggest that younger employees are feeling less secure than those who may have worked in their job for longer, Legal & General’s executive director for savings Mark Gregory said.
EXPATS CONFIDENT IN BRITISH BANKS
Almost two-thirds of expats believe that British banks are better than those available in their country of residence, Lloyds TSB International’s expat survey showed yesterday. Almost four-fifths of expats said they still used British providers of financial services products including banking, pensions and insurance. Despite almost 90 per cent of respondents having been abroad for over five years, 55 per cent still maintain a UK current account and 80 per cent are still holding money in sterling. In comparison to other currencies, expats’ confidence in the pound is high.