More than a third risking debt without pension

6 October 2009

New research has suggested that more than one in three (37% of) working Britons have not made any of their own pension arrangements, and are relying on the state to fund their retirement years.

A study by Baring Asset Management (Barings) said that the number of people without their own pension scheme has increased by 2% each year for the past three years.

40% of women admit they have no pension in place, according to the research, while 33% of men say the same about themselves.

A spokesperson for debt management company Gregory Pennington commented: "Pensions are very important when it comes to security and protection against debt in later life, but because of the timescale many people don`t start thinking about pensions until relatively late on in their working lives.

"Some people might find they can`t afford to put money into a pension due to existing debts - in which case they should seek debt advice as soon as they can."

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Gregory Pennington offer debt management plans as well as a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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