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Over-55s: Sky high confidence but not enough pension savings

Britons aged over 55 have taken greater steps forward than any other generation, a new report claims, although many people still have not saved enough for their pensions.

Abbey Savings said that the majority of over-55s feel that they have improved on their parents' lives, although those aged 25 to 54 do not feel the same way.

About 71 per cent of people aged over 55 feel that they are more astute than their parents were at their age, research shows, while 63 per cent say that they are fitter and 74 per cent think that they have a more comfortable life.

In comparison, 34 per cent of 25 to 35-year-olds feel they are fitter than their parents were, 40 per cent feel they are more astute and 68 per cent think they are more comfortable.

However, the firm found that many older people could be facing smaller pension annuities in retirement, with four-and-a-half million people still not having made sufficient pension plans.

Head of savings at Abbey Reza Attar-Zadeh said: "This generation has lived through a massive uplift in quality of living, with house prices rising a large amount. Consequently, their confidence is sky high."

Figures from Friends Provident show that four per cent of UK residents think that they could live comfortably on the basic state pension.


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