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Survey reveals half of Brits not saving for retirement

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by Kay Mitchell
Survey reveals half of Brits not saving for retirement

A survey commissioned by the BBC has revealed that saving for a pension is not a top priority for many UK adults.

The report revealed that half of adults in the UK aged between 20 and 60 are not putting anything towards a pension with the situation being worst for those under the age of 30.

The reason for not saving towards their retirement is a lack of funds with the priority being paying off their debts.

Furthermore, younger adults said they felt retirement was too far away to be worth planning for.

Meanwhile, 45% of the 41 to 60-year-old category are not paying into a pension fund with a number of reasons being cited such as redundancy and women who never joined a pension scheme because of giving up full-time work to have children.

In a bid to encourage Brits to save towards a pension, the Government is to introduce Personal Accounts in 2012 which will be a state-sponsored pension arrangement.

Employees will be enrolled automatically, contributing 4% of their salary. The employer will pay 3% and a further 1% will come from tax relief.

A further study out today has revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn.

According to the survey, which was conducted by Help the Aged and Age Concern charity, 60% of the 943 respondents questioned said their retirement hangs in the balance, while over a quarter of workers over 50 are worried about being forced out of their jobs as a result of their age, if their employer reduced headcount.

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News posted: May 26, 2009

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