The BBC reports on some worrying figures from Scottish Widows which suggest that fewer people are saving enough for their retirement than there were a year before.
…in the last year the percentage of people saving adequately for their old age fell from 55% to 46%. At the same time, the proportion failing to make any form of pension saving rose from 17% to 28%.
Considering the recent changes made to simplify the pension system, you would have hoped that the message about saving for retirement maybe starting to get through, but these figures seem to suggest otherwise.
I wonder if there is confusion amongst the public that the reforms have been made to ensure that the state pension will be able to provide enough for them?
Thankfully, on the other side of the scheme, the survey found that the amount people are saving elsewhere (excluding property and pensions) has increased – rising from £16,600 to £24,300 per person.