“This is particularly concerning as defined contribution, or workplace pensions have become the main source of retirement savings for a significant proportion of the population, and means real change will be needed if people are to have the retirement they desire.”
Brian Byrnes, head of personal finance at Moneybox, believed we were “sleepwalking into a retirement crisis”.
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“Without systemic changes to how we interact with consumers now, many are inevitably facing a future where they will not have enough saved for a comfortable retirement,” he added.
alina.khan@ft.com
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