2nd December 2008
Consumers have been advised to pay more attention to their pension from an early age following revelations that almost £45 billion has been lost by pensioners who were relying on property for retirement as a result of the credit crunch.

A new report from price comparison and switching service uSwitch.com states that current pensioners will not be the only victims, but the next generation of retirees are in for a hard time too.

According to Ann Robinson, director of consumer policy at uSwitch.com, the government has spent a lot in recent months and future state pensions could be lower than people expect.

"Relying on the state to look after you in retirement is a recipe for poverty in old age so starting to save as young as possible is good advice for everyone," she said.

"The current downturn in tax revenues and big increase in government borrowing makes it even harder for the government to fund the pension promises made in good times."

The average 25-year-old should be saving £129 a month in order to survive on the minimum wage through retirement.



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