Brits: More Savings Needed

August 30, 2002 ( - Nearly 90% of 40- and 50-somethings in the UK are skeptical their retirement savings will be enough to live comfortably when their work lives end, a survey found.

Not only that, but a quarter of respondents in the poll by Britannic Asset Management (BAM) said they fretted about paying their later life bills since they can’t afford now to set aside new funds for their retirement, according to a Financial Times report.

Of those who said they would have retirement assets, 62% said their funds would come from a private pension while a third confessed that they would tap their savings.  Nearly four of ten said they needed to invest more for retirement.

The survey also found that a paltry one in eight people feel they have saved enough for their retirement.

Glasgow-based BAM surveyed around 500 UK residents aged 45 to 55 during July.