M&S Money Reveals Half of Over 45s not Saving for Retirement

CHESTER, England, April 4, 2011 - M&S Money has revealed that almost half (47%) over-45s are not saving for
their retirement, and furthermore, those who are saving are not taking
advantage of the tax breaks offered by using ISAs.

As the end of the tax year approaches, M&S Money surveyed more than 1,000
people over the age of 45 to find out how they are planning to save for their
retirement.

The findings show that of those who are planning for retirement, the
majority are not taking advantage of tax-free ISAs to help boost their
retirement savings. Two thirds (66%) of over 45s are not saving into Cash
ISAs while more than eight in ten (84%) are not saving into a Stocks & Shares
ISA savings account
(money.marksandspencer.com/save-invest/everyday-savings-account/overview/).

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For those who do save into ISAs, over half (52%) admit they have not
saved the full tax allowance this year, while just 30% of people plan to save
the full tax allowance of GBP10,200 by the April 5th deadline.

The total average amount held in Cash ISAs for those who have saved is
GBP18,334 - almost GBP21,000 less than the total possible allowance of
GBP39,300 since they were launched in 1999. The average amount this age group
has saved in their Stocks and Shares ISAs is slightly higher at GBP19,077;
however this is GBP68,500 less than the maximum GBP87,600 they could have
saved to date.

Based on average Cash ISA rates over the past eleven years and using the
full Cash ISA
(money.marksandspencer.com/save-invest/cash-isa/overview/) allowance
each year, savers could have earned an additional GBP7,931 in interest.

Colin Kersley, Chief Executive of M&S Money commented: "The news agenda
has been dominated with proposed changes to pensions over the past few
months, and people approaching retirement need to ensure that they have
sufficient savings to provide an adequate income for themselves.

"It is of utmost importance that people of all ages are saving and
planning for retirement, but even more so for those who are approaching this
stage in life. Taking advantage of the tax breaks of ISAs is one way that
savers can help to boost their retirement savings."

Notes to Editors

All figures, unless otherwise stated, are from YouGov Plc. The Online
survey was carried out between the 25th and 28th February for M&S Money and
questioned 1,122 adults aged 45+. The figures have been weighted and are
representative of all GB adults (aged 45+).

*Interest Rate source: Bank of England Average Cash ISA rates

About M&S Money:

M&S Money (the trading name of Marks & Spencer Financial Services) was
founded in 1985 as the financial services division of Marks and Spencer Group
plc.

The company is a top-ten credit card provider and the second-largest
travel money retailer in the UK. M&S Money also offers a range of insurance
cover, including home insurance and car insurance, as well as loans, savings
and investment products, including fixed rate savings
(money.marksandspencer.com/save-invest/fixed-rate-savings/overview/)
and various cash ISA savings rates
(money.marksandspencer.com/save-invest/cash-isa/more-information/).

In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings
plc, the parent company of the HSBC Group, is headquartered in London. The
Group serves customers worldwide from around 8,000 offices in 87 countries
and territories in Europe, the Asia-Pacific region, North America, Latin
America and the Middle East. With assets of US$2,418 billion at 30 June 2010,
HSBC is one of the world's largest banking and financial services
organisations. HSBC is marketed worldwide as 'the world's local bank'.

M&S Money has an executive committee comprising an equal number of
representatives from HSBC and Marks & Spencer.

    PR Contact:
    Liz Neild
    Kings Meadow
    Chester Business Park
    Chester
    CH99 9FB
    +44(0)1244-686-068
    money.marksandspencer.com

PR Contact: Liz Neild, Kings Meadow, Chester Business Park, Chester, CH99 9FB, +44(0)1244-686-068, money.marksandspencer.com