'People failing to save towards retirement'

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People have "ambivalence" to saving for their retirement, according to one industry figure.

Des Hamilton, the technical director of The Pensions Advisory Service (TPAS), states that some members of the public find thinking about financial matters association with their retirement "off-putting" and "do not like looking forward to retirement".

He adds that this is because it means "deferring expenditure today. It's the old battle; save or spend, and spending is so much easier than saving".

Mr Hamilton's comments come after research from the Department of Work and Pensions, which showed that 48 per cent of those aged 34 or under or not putting any funds aside for their retirement.

The government's Actuary Department has also revealed that life expectancy is due to increase. It predicts that by 2050, life expectancy for men will be 86 years of age and women will life to an average age of 89.

TPAS is an independent and not-for-profit organisation that aims to provide guidance and advice on a range of pension products.

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