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Retirees will not have enough money
09/05/2008 09:52:00
Increasing utility costs and fears of recession are the main concerns for the over-50s, according to new research.
Findings from LV='s State of Retirement survey reveals those contemplating retirement are worried that they will not have enough money to live comfortably after they have finished work.
More than three-quarters of those who are concerned about their financial future believe spiraling costs surrounding utility bills are their biggest worry.
Mike Rogers, group chief executive of LV=, said: "The combined impact of the rising cost of living, fears of a recession, and widespread media coverage of the credit crunch, has created an anxious majority of people facing retirement who are very concerned about their financial future."
According to figures from the Consumer Credit Counseling Service, the cost of gas, electricity and water has risen by an average of 52 per cent since 2003.
At least six electricity and gas suppliers have increased prices during the first four months of 2008 including npower and British Gas.
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