More than eight million British adults are still not saving money towards their retirement pension, new research shows.
The State of the Nation's Savings 2005 report shows that nearly a third of employees are not saving money for their retirement pension, financial website Easier reports.
Of the 69 per cent that are saving money, 3.8 million are failing to save enough, according to the research conducted by the Association of British Insurers (ABI).
Rising levels of debt is the main obstacle in the way of saving money, respondents to the survey revealed.
The average household debt, apart from outstanding mortgage payment, is £9,000, the ABI found.
Fewer than a quarter of workers say they will rely on state pensions to fund their retirement. Employers are trusted by 74 per cent of private pension scheme members.
These findings paint a "bleak picture" of the UK's state of savings at the moment, the ABI's head of pensions and savings development, Helen McCarthy, told Easier.
"However, there is clear evidence that if the right action is taken on pension reform, many millions of people will begin to save, and save more, for their retirement," she says.
Ms McCarthy called upon the government and the pensions industry to take note of the research results and to take action.
ABI: Saving money for retirement pension still a problem
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ABI: Saving money for retirement pension still a problem
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