A new report by Scottish Widows supported other findings that Britons are not heeding warnings over the looming pensions crisis.
According to the Scottish Widows UK Pensions Report, nearly half of Britons fail to save enough for their retirement.
Individual psychology is primarily to blame, it found, and not specific income levels. A third of the non-savers that were surveyed earned over £30,000 a year.
A third of those who didn't save said they were prepared to work past the age of 65.
The pensions market development at Scottish Widows, Ian Naismith, said the report shows that the decision whether or not to save for pension is a highly complicated one, "perhaps more so than has been considered previously".
He said factors that need to be taken into account include income, age and levels of understanding but also individual psychology.
"Our saving patterns are strongly influenced by our general attitudes to life. While a low income may stop us saving, our findings show that a high income does not necessarily mean we will save," Mr Naismith said.
Only 55 per cent of Britons would have enough money saved by the time they reach the age of pension. When those with defined-benefit provision are excluded however, this percentage falls to only 30 per cent.
Another survey reveals Brits not saving enough for pension
Pensions Quote Line
0845 108 0505
Another survey reveals Brits not saving enough for pension
Fri, 10 Jun 2005
| pensions news |
|---|
| Sipps need to be taken to where the most money is - Thu, 02 Sep 2010 |
| NAPF: Pensions tax relief changes risk ensnaring non higher earners - Wed, 01 Sep 2010 |
| Pension fund deficits a worry for workers - Tue, 31 Aug 2010 |
| More News |
Pensions Newsletter
Monthly pensions news, provider info & more.
Transferring a Pension
Learn more about pension transfers and enquire about transferring your pension.
SIPPs
Read up on Self Invested Personal Pensions and take control of your pension fund.