Half of employees in the UK do not contribute to personal pensions, it has been revealed.
What is more, two-thirds of Britons say they are not concerned about their retirement, according to research by Barclays Financial Planning.
The financial services provider points to a "worrying gulf" between Britons' expectations about their retirement age and actual retirement income.
"As a nation, we need to get real around retirement and view planning as a necessity, not a luxury," warns the director of Barclays Financial Planning, Stephen Ingledew.
He says when compared with a similar survey conducted by Barclays a decade ago, the research reveals that people's attitudes towards saving money towards their retirement has not changed much.
"People continue to have high expectations around retirement, but contributions remain woefully inadequate and mass inertia persists," Mr Ingledew states.
Those who want to start saving money towards retirement pension are being urged to start as soon as possible.
Mr Ingledew says a good rule of thumb is to put aside a percentage of their income that is half the age at which they start.
Therefore, someone who is aged 25 when they start saving money towards retirement, should set aside 12.5 per cent of their salary in order to make adequate provision for their retirement pension, according to the director.
"The sooner you start to save for retirement, the less daunting it is," he concludes.
Barclays worried about retirement pension planning
Pensions Quote Line
0845 108 0505
Barclays worried about retirement pension planning
Thu, 02 Mar 2006
Recommended links
Brits ahead in retirement pension planning, research findsPeople do not hold much in their pension plans
Retirement pension help sought, survey shows
Guide to pensions planning
Neep help with planning your pension?
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| Pensioners will see a boost to their income - Mon, 15 Dec 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.