Feature Article

Financial solutions company Think Money has urged people to think about how they'll support themselves when they've reached pension age and are no longer working.

Research, based on figures from the Office for National Statistics (ONS), has revealed that the number of people paying into an occupational pension scheme has dropped sharply over the past 40 years.

Back in 1967, 12.2 million people were putting money into an occupational pension scheme, but by 2010, this figure had fallen by nearly a third to 8.3 million.

Despite the current economic climate having a big impact on many people's finances, which can make saving for the future difficult, starting a pension pot sooner rather than later could help to improve financial security further down the line, Think Money added.

A spokesperson commented: "During tough times like these, things like insurance and pension contributions might look like obvious candidates for cutting back since there's no immediate impact, but the consequences could be extremely far-reaching. An effective budget can help people better understand their financial situation so they can find better ways of reducing their spending."

However, safely putting money into a pension can only be an option if your finances are otherwise in good shape. If you're repaying debts and having trouble saving, getting advice from a professional debt management company could point you in the right direction.