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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`

Brits `clueless` on retirement funds

04/12/2007

Over half of Britons do not know how much they need to save for retirement, with many needing to seek professional debt advice as a result, new research has revealed.

Of those quizzed by Abbey, 53 per cent of Brits do not have an idea of the amount needed for retirement, while 63 per cent of women lack knowledge in this area.

A total of 16 per cent perceive a lump sum of £50,000 to be enough to retire on, although such an amount would lead to consumers receiving just £3,568 a year, or £304 per month. A further 12 per cent thought £100,000 would be enough.

Reza Attar-Zadeh, Abbey`s head of savings, said: "Clearly Brits are not saving enough for their retirement. This is of particular concern, with the move from final salary schemes to money purchase schemes, which means increasingly people need to take personal responsibility for saving for the future."

Last month, a survey by Prudential found that 52 per cent of people retiring in 2008 will do so on final salary pension schemes.

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