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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Workers `missing out on pension money`

03/11/2008

A significant number of workers in the UK are missing out on money by failing to take opportunities available to them to join company pension schemes.

This is according to Prudential, whose research found that 18 per cent of people polled had failed to join the occupational pensions on offer.

This means that, based on the UK average salary, they are turning down an extra £2,208 a year on top of their salaries and may end up struggling with their personal finances when they reach the age of retirement.

"Britons are taking voluntary cuts of over £5 billion per annum in their employee benefits by failing to join a company pension scheme," stated Martyn Bogira, defined contributions director at Prudential.

He added that missing out on such benefits will "play havoc" with people`s retirement plans.

Recently, Age Concern called on the government to provide greater financial assistance to pensioners struggling with their personal finances.

It said that increases in the cost of living are resulting in such people experiencing mounting pressure, potentially meaning they may end up with debt problems.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according