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Britons Failing To Save For Retirement
Insurance company Scottish Widows has warned that nearly half of Britons are not saving enough for a comfortable retirement.
A survey carried out for the insurer in March found that only 51 per cent of people are setting enough money aside to ensure a decent income when they finish work. Many people may have to seek out cheap loans as a way to supplement their income once they have passed retirement age.
Some 60 per cent of people questioned in the YouGov poll admitted that they would be unable to increase the amount saved during the next 12 months, while around a third cannot afford to save anything at all.
As the credit crunch and the increasing cost of living continue to take their toll, 40 per cent of respondents admitted that they felt more prosperous five years ago.
Scottish Widows head of pensions market development, Ian Naismith said: "While pensions savings are slowly starting to rise, there is still the real worry that in the current economic environment the nation is not doing enough to prepare for retirement."
The research concentrated on the retirement provision of over-30s who are earning £10,000 or more a year. It found that the number of people making sufficient savings for their retirement had increased by 2 per cent compared to the same time last year.
It found that British workers did not expect to receive their primary pension income from an occupational scheme and were only saving around 8.7 per cent of their salary as part of a scheme, although this was up 0.8 per cent from the previous year.
Workers who were most likely to be saving a sufficient amount for their retirement tended to be male public sector workers who were over 50 and earning over £30,000.
Women were far less likely to be making any provision for their retirement at all. This was also the case for respondents with children under the age of five, people struggling with debt and the self-employed.
Loan News posted on 25 July 2008
