Top Website Reveals 38% Will Be Worse Off When They Retire

April 14, 2011 - PRLog -- ‘Baby boomers’ are coming up to retirement and are starting to draw their pension and at  the same time, the amount of money being paid into the state pension fund is reducing as more opt out and start their own private scheme. The so-called ‘black hole’ is bad news for the growing number of people depending on their pension and as they’re living longer, the problem can only get worse.

The survey by Top Cashback indicated that 34% have made no plans for their retirement and 38% are relying exclusively on the state pension for an income when they retire. With the pension age set to rise to 66 by 2020 and the likely end to final salary pension schemes, those approaching retirement without a private scheme are going to be worse off than they imagined.

According to the Joseph Rowntree Foundation, the charity that funds a large, UK-wide research and development programme, a single person in the UK needs a minimum of £14,400 a year. However figures by Insurance giant Prudential, show that 35% of those retiring this year will do so with an income below this level, a figure that is 32% up on last year.

Prudential's Class of 2011 study surveyed people intending to retire this year and also revealed that nearly one in five (19 per cent) will retire on an annual income of less than 10,000 pounds a year.

For those on a tight budget, Top Cashback is a safe and simple way to save money when shopping online. The 50+ age group is growing rapidly and those members are saving an average of 10% off the cost of essentials such as utilities and insurance as well as luxury items and gifts. For anyone struggling with mobility or unable to afford a shopping trip, the convenience of online shopping has made a huge difference to their lives.

Duncan Robb of Top Cashback commented “Top Cashback may not be able to sort out the country’s pensions’ deficit but it can certainly help those who enjoy the convenience and choice of online shopping to save money. When belts are being tightened, it’s good to know there’s a simple way to make each pound go further.”

Further Headline Results from the Top Cashback Survey:
•   Savings accounts are still the No 1 investment
•   Only 1 in 10 have invested in property to let
•   Less than half save on a regular basis
•   70% of those that save, do so for the short term
•   34% (more than 3 out of 10) have not made any plans for their retirement yet
•   Those that have made plans, did so before they were 30.

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Date: 14 April 2011
Issued by Duncan Robb
TopCashBack is the UK’s biggest cashback website. For further information call Duncan on 0207 1939 029 or email duncan@topcashback.co.uk
Notes for Editors:

The Survey was conducted between 11 October and 26 November 2010 and completed by 632 respondents.

Top CashBack is the UK’s No 1 Free Cashback Website.  Retailers pay a referral commission for any purchase made on their website via topcashback.co.uk but rather than keep this commission, Top CashBack passes 100% straight back to the customer as ‘cashback’.  Top CashBack is funded by sponsored adverts across the site.  The basic aim is to help each and every UK resident save as much money as possible on their online shopping.  Established in 2005 Top CashBack has an ethos of ‘fair play’ and has gone from strength-to-strength with a membership now approaching 1 million.

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About Top Cashback: The UK's Biggest Cashback Website with 1,000,000 members and almost 3,000 affiliated merchants.