Brits less likely to seek pension transfer?
06-02-2012 10:22
The average household savings for an individual living in the UK has suffered a downward trend over the past decade.
As a result, people in China and Germany are more likely to be setting money aside for the future than their British counterparts.
This is according to new research from Lloyds TSB, which indicated UK adults are four times more likely to be struggling than the Chinese.
People who wish to avoid this becoming a problem when they finish working could seek pension transfer advice in order to maximise their retirement income.
It was noted one in nine Brits have no form of pension, savings or investment wealth at all.
Head of savings for Lloyds TSB Greg Coughlan said these figures are not necessarily surprising, but asserted they are still "remarkable".
Indeed, the typical UK household now has an average of £5,009 in all forms of savings.
However, Chinese families have a much higher average of £19,334, despite lower national average earnings.
"Despite significantly higher income levels, today's British and German households are both being roundly beaten in the savings stakes by urban Chinese households," Mr Coughlan remarked.
"However, UK families seem to be getting more engaged with their finances and savings, so we would hope to see some of these figures improve further over time," he continued.
This scenario could be addressed with more thorough consideration of pension transfer options, as seeking advice on money matters is becoming more prevalent.
The research found an estimated four in five households in Britain allocate at least one person the task of obtaining more information on financial services.
Despite this trend, head of the progressive conservatism project at Demos Max Wind-Cowie recently claimed people are neglecting their savings as a result of the current economic climate.
He specified that as a result of the squeeze on finances and the rising cost of living, many individuals could be drawing down on money they had already set aside in the past.
Ashall Glover Financial Services, pension transfer specialists
Posted by Sarah Williams
