Britons fearful over pension shortfall

More and more Britons are becoming concerned over whether their pension income will be sufficient to live on when they retire, a study has shown.

Research conducted by YouGov on behalf of GE Money and MoneyBasics.co.uk found that just one in four consumers feels confident that their pension will see them their through when give up work.

The findings come despite the fact that nearly two thirds of Britons now have a company or private pension rather than a lower-paying state pension.

Martyn Beauchamp, chief marketing officer of GE Money, urged those concerned to begin actively engaging with their finances to improve their situation and assuage their concerns.

He said: "Retirement is a key life stage that requires early financial planning. 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."