UK consumers will have to rely on savings in the future to get them through their old age without slipping into debt, according to one financial expert.
Keith Churchouse, director of Churchouse Financial Planning says that more people are opting out of paying into pension schemes as they don't have enough faith that they will get enough money to live comfortably in retirement.
He commented, ''Workers who have accumulated some savings during their employment are more likely to be reliant on them when they retire than others before them."
He added, "There is reluctance among many people to pay into pensions and there has been for a number of years."