Commenting on the issue, the expert explains: "The barriers for people who save are higher than they have ever been before. A great deal of this - although not all of it - is due to the regulatory framework."
While putting away a little extra from a young age may help, an alternative way to financial well-being in later years may be to sign up to a deal with a cheap dual fuel provider and put the savings into a pension fund.
Recent research by Aviva showed more than a quarter of people older than 55 tend to dip into savings in order to pay for unexpected expenses.
Posted by Jim Tidy
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