Teachers 'need to make sure savings last'

Teachers in the UK should make sure that they have saved enough money to last for the length of their retirement, an expert has implied.

Mark Brooks, of the National Association of Pension Funds, said people need to have made adequate savings for at least 18 years, as this is the average length of time a person spends in retirement.

"Those who are not putting adequate money aside for their retirement pension will be disappointed when they become a pensioner," he warned.

The problem could get worse because people are increasingly expecting a higher standard of living, Mr Brooks added, also citing a rise in life expectancy as a potential strain on retirement funds.

At the start of January it was reported by Sky News that one in three people in the UK are not saving enough for their retirement.

"The earlier a person starts saving, the easier it will be," Mr Brooks explained.

Source: Adfero

Wesleyan for Teachers offers financial advice for education professionals.