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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`

People `may be risking finances due to lack of pension savings`

16/06/2009

A considerable number of consumers in the UK may be risking their future finances and potentially putting themselves in danger of debt problems by failing to make pension contributions.

This is according to the Lincoln Financial Group, which suggested that 12 million adults are not making sufficient pension contributions from their salary to fund their post-work years.

Nearly a quarter of people in this position (23 per cent) cited the burden of outstanding loans and debts as a reason for their failure to invest in pensions.

Simon O`Connor, head of products and marketing at Lincoln Financial Group, commented: "Clearly people`s finances are stretched at the moment. Unfortunately, this can lead some people to push pension contributions to the bottom of the priority list."

However, people should look beyond their short-term financial situations and begin to make plans for their retirement as early as possible, he added.

Last month, Age Concern and Help the Aged suggested that the recession could lead to financial problems among retirees as increasing numbers of workers are being forced to end their careers early.

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