Population are not saving for future

Stock image - Money
Stock image - Money

Nearly half the people living in the Midlands are failing to save for their retirement and could face an impoverished old age - according to a new survey.

YouGov research, commissioned by Synergy Income amongst those who plan to retire, shows that 48 per cent of people living in the Midlands, who expressed an opinion, said they are saving nothing for retirement.

In comparison, only 41 per cent of all adults who plan to retire and expressed an opinion, are saving nothing.

Ben Pears, director of investment strategy at Synergy Income, said: “It has been an economically challenging time for many people and saving can be difficult.

“But too many in the Midlands will have to try to live off the state pension or carry on working into later life if they save nothing at all.

“It is essential that people save regularly and make sure that their savings are keeping up with their expectations if they are to be financially secure in retirement.”

Synergy Income provides people with a reliable, regular income.

The plan is currently paying an income of 5.29 per cent p.a1 to plan-holders as a fixed monthly income.

The plan invests into a portfolio of 20 shares, with strong dividend track records and future potential, selected from the FTSE100 index.

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Synergy Financial Products Limited is a privately owned financial services company based in St Albans, Hertfortshire, which currently provides service to more than 18,000 customers.

For further information on Synergy Income, visit the company’s website www.synergyincome.co.uk