New research by Scottish Widows suggests that 45% of workers are not saving enough for their retirement. What is most surprising is that this trend does not appear to be linked to a worker’s salary / income, but more towards their personality and their attitudes to saving – in the report, a third of those not saving earn over £30,000 a year.
Non-savers do however appear to be willing to work for longer to partly make-up for their pensions short-falls. The research also suggests that lack of faith in the pensions is not now a major deterrent from retirement saving, which has been thought to be the major reason for a while.
Coverage of this story can be found at the BBC and IFAOnline.