One in four workers in the UK are not saving for retirement, despite the vast majority of the workin...
One in four workers in the UK are not saving for retirement, despite the vast majority of the working population knowing the state pension alone will not provide enough income for retirement.
According to research from stakeholder pension scheme provider B&CE Benefit Schemes, almost a third of those who do not save blame the affordability of funding retirement income. Respondents cited the pressure of competing financial commitments and feeling they do not earn enough to save.
Apathy also appeared to be a factor as one in five said they have not got round to it, though three-quarters of those were under 34. The majority of those under 24 said they were too young to consider saving for retirement.
The research contrasts sharply with statistics that show 85% of the working population believes the state will not provide an adequate retirement income by the time they retire. The proportion has increased from 79% in June last year.
Mike Morrison, pensions strategy manager at Winterthur, said the lack of saving could also be due to a lack of trust in institutions and that many people depend on their property to provide retirement income.