'Ostrich' Britons face retirement poverty

A GENERATION of Britons are facing a cash-strapped retirement because they are not saving enough to cope with the changing pensions landscape, a new report has warned.

Less than two thirds have a financial plan to make sure they have the retirement income they want, according to HSBC.

David Wells, head of investments, pensions and savings at HSBC, said: "The emergence of this ostrich generation is a real concern.

"Britons know that they need to plan and save more for their retirement, yet are not turning this knowledge into action.

"People need to look around and take proper stock of what they need to do - they can no longer totally rely on the state or their employer to provide for them."