The high cost of living is forcing millions of UK workers to put off making contributions into a private pension according to pension experts Scottish Widows. Their survey reveals that as many as one in five people are failing to put any money into a pension which could lead to severe repercussions once they reach retirement age.
Scottish Widows estimate that workers need to be putting aside 12 per cent of their income into a pension plan every 12 months, but that a huge majority are failing to do so. They have urged that the government find a solution to this ever-growing problem:
“People are saving less for old age yet their expectations remain high as the majority fail to recognise the harsh reality of retirement. If we do not act fast, we all face at best disappointment and at worst severe poverty in old age.”
Household bills in general have risen hugely over the past few years, energy bills in particular, and the situation is only expected to get worse in the long-term.
Fuel costs will be one of the heftiest outgoings of a homeowner so why not try to do something about it and make some significant savings by installing double glazing in Southampton, double glazing in Winchester or double glazing in Portsmouth.
Double glazing will enable you to use your heating system on a reduced level compared to how you would utilise it with single glazed windows installed. This is because they offer reliable insulation and eliminate draughts and cold spots. Therefore you won’t have to keep turning to your boiler to keep your home warm and as a consequence energy bills will drop.
Energy savings can soon build up and will come in useful for those wanting to open a pension or at least start paying again into their existing plan.