Pension saving levels still falling short
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