18 December, 2008

A new research indicates that a significant number of Britons are worried about their ability to handle their money for future.

In a study conducted by Lincoln Financial Group, it was revealed that 41 per cent of adults are under pressure with having inadequate finance in order to provide them with a comfortable lifestyle upon retiring from work. Meanwhile, findings from the firm pointed out that over one in three consumers are putting themselves to the fact that they will have to work during their retirement either on a part or full-time basis, to make sure they can able to manage a proper standard of living.

Having such concerns about their capability to manage their finances in their autumnal years, it could well be possible that consumers find their ability to have control over their spending commitments is under stress. As such, coping with repayments like meeting the cost of household bills that are more costly than they had previously expected or paying for repairs to their home could become a more difficult task. However, this critical situation could be well managed by taking out debt consolidation loans. These loans help the consumers to combine their numerous debts into a single monthly loan.

Furthermore, it was showed that 11 per cent of Britons questioned think that they have inadequate finance in their retirement fund to last them until the age of 70.

Commenting on the figures, Simon OConnor, head of product and marketing for the Lincoln Financial Group, said: "Retirement is often thought of as a time to stop working and take rest with full enjoyment. However, with over a third of retirees now working full or part-time and 41 per cent believing their pension pot won't be sufficient to satisfy their lifestyle needs; it has become even more apparent that an appropriate planning for retirement is really vital. Our research points out that 17 per cent of people want a pension that is going to provide them the maximum possible income throughout their retirement."

He added that acquiring a variable annuity could be one method for people to make sure that they have a sufficient finance for their entire life as they can offer a middle ground between "conventional annuities and income drawdown".