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Over half worry about lack of retirement savings

More than half of Britons (55%) fear they will not have enough money to provide a decent standard of living in retirement, figures released by Aviva have indicated.

Perhaps unsurprisingly, given the above figure, almost as many (49%) believe they will have to work beyond the normal retirement age.

Almost a fifth (18%) stated that they did not have any sort of savings or long term investments.

The figures form part of the firm’s most recent Consumer Attitudes to Savings (CAS) survey, which asks respondents about savings, financial plans and priorities.

Confidence in the economy is greater than confidence in household finances, for the first time in three years.

Over the course of the last 12 months British consumers have reported an increase in net confidence in the general economic outlook from -33 to -7.

This 26 point rise far exceeds the 7 point rise in net confidence regarding household finances, which presently stands at -11.

Seven out of 10 (71%) of UK consumers are cutting down on discretionary spending, such as dining at restaurants (51%) or holidays/clothing (46% each).

A third (34%) of Britons feel they are just getting by financially, with one in seven (14%) stating they are struggling.

Aviva Pensions and Investment Product Director Tim Orton explained that since the financial crisis pressure on household budgets had grown, leading consumers to reduce their saving.

Orton added that although confidence in the economy remains in negative figures it has reached the highest level since 2010, and stressed that it was vital for people to save for retirement in order to guard against the uncertainties of life.

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