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Lawyers Not Ready for Retirement
53% of lawyers
questioned in a recent survey admitted to having made inadequate
plans for their retirement. Worryingly 42% of those aged over 51
didn’t feel confident that they could enjoy a secure retirement.
Women are more poorly prepared then men, with 60% saying they don’t
have adequate plans. 50% of West Midlands lawyers say they haven’t
made adequate provision.
These findings come
from independent research commissioned by Wesleyan for Lawyers, a
recently launched service designed to provide dedicated and holistic
financial services and products for lawyers in the West Midlands.
The research carried out by 2 Europe also found that, on average,
lawyers plan to retire at the age of 62.
Mark Tootill, National Sales Manager for Wesleyan for Lawyers said:-
“I’m not surprised by these research findings. Lack of
provision for retirement is something that we’re continually coming
across in our discussions and highlights the need for a dedicated
financial advice service tailored to lawyers’ needs. I would
advise lawyers to start planning for retirement now, however young
they are. The key things to consider are what kind of lifestyle you
want when you retire, the age at which you want to stop working and
how much you need to provide for any dependents. Then talk to a
financial consultant about the best way to achieve these aims.
Wesleyan Assurance Society, our parent company, has many years of
experience in dealing with other professional groups – mainly
doctors, dentists and teachers. These professionals are generally
better prepared for retirement, probably because they have
structured pension schemes in place provided by the NHS or education
authorities.”
Paul Farrow, Chief Executive of Birmingham Law Society, commented:-
"The research findings show that lawyers are typical of those
in the professional services sector who put their clients first and
themselves last. Making adequate financial provision for their
retirement is something many lawyers intend to get around to, but in
many cases can leave it too late. Wesleyan's service is designed to
offer a one-stop-shop to time-challenged lawyers, to ensure they and
their families have a secure future."
The research also showed that:-
* 28% of lawyers own their own home (33% in the West Midlands)
compared to the national average of 19%. This rises to 70% for those
aged 51 and over, higher than the national average of 40%;
* Lawyers tend to move house more often than average. 69% of those
surveyed lived in the same house for five years or less. There is no
significant difference in the West Midlands;
* 71% of lawyers take two holidays or more each year. Preferred
destinations are Western Europe and the UK, with only 19% opting for
North America and Canada as a destination. Over half of those
questioned in the West Midlands (54%) said they preferred holidaying
in the UK;
* While they are happy to spend money on holidays, lawyers are less
extravagant when it comes to buying a car. Although 60% own two or
more cars (71% in the West Midlands) compared with the national
average of 28%, 71% of those surveyed planned to spend less than
£20,000 on their next car. That figure rose to 80% in the West
Midlands. |
PUDSEY BEAR TO MAKE MASCOT GRAND NATIONAL DEBUT
BBC
Children In Need's Pudsey Bear is to make his 1st appearance in the
highlight of the year for Britain's mascots. The 9th John
Smith's Mascot Grand National takes place on Sunday (7 OCTOBER) at
Huntingdon Racecourse.
Mascots the length and breadth of Britain are stepping up their
training as they prepare for the big day. It's a hilarious
occasion when upwards of 60 mascots run, walk, stagger and stumble
over obstacles on a gruelling one-furlong - 220 yards - course.
There's been mayhem, controversy, accusations of gamesmanship, and
claims of 'ringers' over the years since this madcap race
began in 1999, but strict rules now ensure good clean fun.
Amy Starkey, the racecourse's managing director, said:- "The
Mascot Grand National has grown in size and popularity year after
year. And we really have come of age in the racing calendar
with the support this year of John Smith's, the sponsors of the
Grand National at Aintree."
The John Smith's Mascot Grand National kicks off an afternoon of
jump racing at the Cambridgeshire racecourse. Admission on
Sunday 7 October: Main Enclosure £15; Picnic Enclosure £7.
Accompanied children under 16 - free. Parking - free. Gates open at
12.10pm - Mascot Grand National at 1.10pm - first horse race 2.10pm.
Lottery win for Sefton cycling
SEFTON is to
benefit from part of a £6.3million project to promote cycling to the
less physically active. The 4-year ‘Cycling Champions’
project starts in January 2008 and will be run by CTC – the UK’s
national cyclists’ organisation, with backing from the Big Lottery
Fund. A new Community Cycling Development Officer based in
Sefton will be recruited to work with local community groups that
are currently less likely to cycle. The Cycling Champions project
will organise activities such as group rides, cycle training and
cycle maintenance courses, and generally support novice cyclists.
CTC Director Kevin Mayne said:- “This is a great new job in a
national team that can really boost health and physical activity in
Sefton. We are looking forward to helping thousands of people in the
area give cycling a try because otherwise they might be missing out
on a cheap, clean and healthy transport and leisure choice.”
At present, 6 out of 10 men and 7 out of 10 women are not active
enough to benefit their health, and in the last 25 years the
distance people walk or cycle has fallen by a quarter. |
