Prudential reveals a Burned Out Britain as workers stress over
on: August 5, 2008, 10:55 am
Release Author: Prudential
Release Summary: New research from Prudential reveals more than
one in three working-age adults have lost sleep worrying about
not saving enough for their retirement
Release Body: According to new research from Prudential,
more than one in three working-age adults have lost sleep worrying
about their inability to save enough for retirement*, and the
pressure on retirement saving is being increased by a combination
of the housing market slowdown and rising household costs.
Prudential research focusing on working adults provides
a snapshot of 'Burned Out Britain' as concerns about being unable
to save enough for a comfortable retirement drives people to work
longer hours and increases stress levels. Around one in five working-age
adults have worked longer hours or taken an extra job to increase
their pension savings.
research shows just 27% of adults believe they are saving enough
to maintain their current standard of living in retirement while
38% want to contribute more to pensions
with half of them keen to contribute a lot more.
financial pressures are making it difficult for them to put their
money where their ambitions are - 51% blame higher costs of living
while 18% of them don’t want to reduce their disposable
income to ensure a more comfortable retirement.
struggle to match pension ambitions with reality is also increasing
the stress levels for these people with three-quarters expressing
they were feeling increasingly anxious, and the current economic
climate is piling on the pressure.
Mulvanny, Prudential’s Head of Business Development for
Pensions said: “The pensions crisis is becoming
extremely personal when people are losing sleep over being unable
to save enough for retirement."
continued, “When the pressures of the current short-term
economic climate are added to the mix it is almost surprising
that more of us are not lying awake at night worrying. It is clear
however that many of us are waking up to the idea that we have
to take responsibility for our own retirements and that is a long-term
9% said they have cut the amount they save into their pension
due to rising living costs.
to one in 20 say the housing market slide has knocked their confidence
in property as a pension while eight per cent are concentrating
on building up short-term savings to tide them over in the event
of any problems caused by the current economic climate.
Mulvanny concluded, “It is encouraging that this
message is getting through and there is plenty that we can all
do to ensure we get the retirement
we want and deserve. The UK needs a new approach to retirement
income and planning for retirement.
That should involve more than simply saving into a pension but
should also involve looking at all sources of income.”
The information contained in Prudential UK's
press releases is intended solely for journalists and should not
be used by consumers to make financial decisions. Full consumer
product information can be found at www.pru.co.uk.
- ENDS -
Notes to editors:
Research based on an independent online survey conducted by Research
Plus on behalf of Prudential. A total
of 1028 responses were obtained between 9th - 11th June 2008 across
the UK amongst non-retired adults aged 18 and over.
Established in 1848, today Prudential plc is
an international financial services company with a product range
which extends from personal banking, insurance, pensions and retail
investments, to institutional fund management and property investments.
the UK Prudential is a leading life and pensions
provider with around seven million customers.
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