07 July 2008
A report from Scottish Widows, the life insurer, has found that
nearly half the adults in the UK (49%) are still not saving
adequately for retirement. Last year's report showed that 51% of
adults surveyed were not saving adequately, so progress is
happening very slowly.
The current economic climate is having its impact, as a third of
people who are currently saving said they couldn't afford to put
anything more aside, 60% of non-savers said the same, and nearly as
many people claimed they will not save any more in the next 12
months.
Savings figures overall are slightly up on previous years, but
Scottish Widows say this is mainly due to consumers saving more for
the short term in non-pension savings. People are not saving
enough, and not putting their money in the right investment
plans.
According to the research, the profile of someone saving
adequately for retirement is: a male, working in the public sector,
aged over 50 and a medium-to-high earner
(£30k-£50k).
Those not saving adequately are likely to be: female, a parent, in
debt or self-employed.
Source: LexisNexis Butterworths
