Debt and luxury items trump retirement saving in 2015 - research

Carmen Reichman
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A quarter of consumers plan to make paying down their debt a priority in the coming year, research by a financial services firm has found.

True Potential's survey of 2,000 adults, carried out in December, found 24% of Britons listed debt reduction as their main financial goal for 2015. This was followed by the desire to save for luxury items such as a car or holiday, which was expressed by 23%. Saving for retirement was a main priority for only 17% of respondents, despite the looming pension reforms which will give people greater freedom to create a retirement income from April. The desire to buy a luxury item was most prevalent among the youngest age group polled - 18 to 24-year-olds - and among pre-retirees aged 45 ...

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