Trust in pensions rises

Feb 10 2004

By The Huddersfield Daily Examiner

PEOPLE'S confidence in savings and pensions is slowly rising, says an insurance trade body. Research for the Association of British Insurers found that 17% of people said they trusted the Government on pensions, up from 15% in September. But 44% of those questioned still said they did not trust the Government at all, while 36% said they tended to distrust it. The number of people confident they would have enough money to retire on rose to 38% from 35% when the research was last carried out. But 59% of those questioned were not at all confident they would have enough money. Story continues ADVERTISEMENT About 32% of people said that if they were given £10,000 they would save it or invest it, but 34% said they would use it to pay off their mortgage or save for a housing deposit, while 29% would use it to repay debts. The ABI has previously estimated that Britons are saving £27bn a year less than they need to in order to have a comfortable retirement.

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