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Retirement preparations still falling short
4 July 2008 12:00
More people are putting more money aside for retirement, according to a new survey, but there are substantial groups of the population whose preparations remain inadequate.
The quantity of Britons putting enough money away for retirement has risen from just under half last year to just over half now, Scottish Widows' poll found, with the average amount they are saving for after they give up work climbing from 7.9 to 8.7 per cent.
Yet almost two in five people are worried their retirement income will be insubstantial, while one in three say they cannot put any more cash aside over the next year and over two fifths of those without a private pension believe they will never contribute to one.
Moreover, more than one in five women are not saving for retirement, compared to just over one in seven men, while nearly one in four parents with a child aged under five are also non-savers, as are an equal proportion of self-employed people.
Scottish Widows' Ian Naismith remarked that while the pensions situation is improving, people are still not saving enough for retirement, regardless of their fears about their long-term futures, with female Britons particularly guilty of this failing.
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