It seems like young Britons are taking more action to save money towards their retirement pension than older people, according to research.
Nearly half of 25- and 34-year-old contribute to a private pension scheme, compared to only a third of those between the ages of 55 and 64, HSBC research revealed.
Harpal Kalkut, head of life and pensions at HSBC said it is surprising that so many people are still not saving money towards their retirement pension, despite widespread publicity about the so-called pensions crisis.
"But, more surprisingly it is the generations who are most likely to be directly affected by this crisis who are doing the least to try and compensate," he added.
One in five people in the age group between 55 and 64 rely only on the state pension. Of the 45- to 54-year-olds, nine per cent rely on the state pension alone.
The reason for the lack of contributions to a pension scheme by this group is generally unemployment, which was cited by 14 per cent of respondents as the reason why they were not contributing to a pension scheme.
A further nine per cent are not working full-time, and said that was why they didn’t save money towards their retirement pension.
Nearly one in ten people said their employers did not operate a pension scheme, even though stakeholder and private pension schemes don't rely on employer contributions.
Older people make excuses for not saving money in pension schemes
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