Utility costs 'a concern for those nearing retirement'

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The rising cost of utilities is a major concern for those who are nearing retirement, according to new research.

Liverpool Victoria's study found that 77 per cent of over-50s feel that the rising cost of both energy and water, along with food, will be a threat to their financial security when they decide to leave work.

It was also found that 42 per cent of people have worries about the possibility of a recession, while rising interest rates and reports on the credit crunch were also regarded as concerning.

Mike Rogers, the group chief executive of Liverpool Victoria, said that the combination of those factors "has created an anxious majority of people facing retirement who are very concerned about their financial future".

"Our advice to anyone approaching retirement is to seek professional financial advice to ensure you make the most of your finances when you retire," he added.

Recent research by HSBC found that over 50 per cent of women are now saving into pensions, an increase of 13 per cent on figures compiled three years ago.

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

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