Many Brits have fewer than ten years' pension savings, study shows

Tue, 28 Nov 2006

Some 16 per cent of UK adults will save for fewer than ten years when putting money aside for their pension, according to new research.

Additionally, 22 per cent of women will contribute to a pension for under a decade, rising to 29 per cent over the age of 50, a study from Alliance Trust has revealed.

This compares with 15 per cent of UK residents planning to save for more than 40 years towards their pension.

Furthermore, one-quarter of 18 to 29-year-old adults expect to spend more than this period making savings.

Hyman Wolanski, head of pensions at Alliance Trust, commented: "There is a core contingent of people who have made no provision whatsoever for their pension."

Mr Wolanski added that many young people are now aware that they need to make adequate pensions savings, but this may not be "matched by action".

A recent study by Scottish Widows found that many women stop saving towards a pension plan when they have children, while almost one-third have no personal pension plans.


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