Member Article

Too few saving for retirement

UK workers are still not saving enough for their pensions, according to research from Scottish Widows. The percentage of people saving enough for retirement has dropped from 55% in 2005 to 46% in 2006. A quarter of people do not know where their main income in retirement will come from, the majority of whom are women, the self-employed and people in debt.Ian Naismith, head of pensions market development at Scottish Widows, said: “Four in every five people who aren’t relying on a final-salary pension are failing to save adequately for their retirement, and that two in five are saving nothing at all. With this level of under-saving, no-one can be in any doubt about the challenge facing us all when it comes to preparing for retirement. “Certain sections of society will always struggle to save. The inability to save is something both the industry and policymakers need to be aware of – many of those currently not saving could simply opt-out of a future National Pension Savings Scheme for many of the same reasons they opt-out today.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .