Over-50s fear pension won`t be enough

According to insurance group Aviva, the findings from the Aviva Cost of Family Care study suggest that 62% of over 50s worry that their pensions and savings won`t be enough to see them through retirement.

The study also reports that around 71% of UK adults fear that their parents` lack of retirement funding may result in serious problems for their own financial futures.

Head of pension propositions for UK Life, Paul Goodwin, said: "Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice."

A spokesperson for debt management company Gregory Pennington warned: "People who have little or no money saved for their retirement may be leaving themselves open to debt.

"Coping with today`s financial demands can be particularly difficult but it`s important that people supporting their parents financially also consider their own financial future. Preparing for retirement can protect people from debt in later years, and possibly help their children avoid debt too."

---

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.