Consumers reveal lack of pensions confidence

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New research has found that around three out of four people in the UK are not confident that their pension will provide enough income for them when they retire.

According to the study by GE Money Home Lending, just 27 per cent of people are sure that their savings will get them through life after work.

It was also found that those between 18 and 24 are least likely to have retirement provisions, while men are more likely than women to have pensions.

Martyn Beauchamp, chief marketing officer of GE Money, described retirement as "a key life stage that requires financial planning".

He added: "Good financial management and being able to plan and save for the future is an important part of maintaining the family finances. The message is clear - it is never too early to start planning for your retirement and how to fund it."

Recent research by Newcastle Building Society found that 47 per cent of over-55s would use their savings to fund any changes they need to make to their homes due to old age, including the installation of stair lifts.

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