One in eight parents admit their plans to have a comfortable old age pension are floundering at the moment, in news that may be of concern to many pension specialists.
According to research from financial services provider Yorkshire Bank, 13 per cent of parents claim to be putting savings away each month into a fund for their retirement.
When the non-savers were questioned as to what they expect to do when they reach the state pension age, 36 per cent confessed they would probably have to keep on working into their 70s to make ends meet.
Meanwhile, 43 per cent admitted they would look to survive solely on the basic state pension because they have not contributed anything towards a company pension scheme.
"Financial advisers would recommend people reaching their 30s should start investing at least ten per cent of their salary into a retirement fund so they can maintain a comfortable standard of living in later life," remarked Gary Lumby, head of retail at the banking institution.
In 2012, the government is set to roll out a new national pensions savings scheme.
The pension scheme will feature automatic enrolment for full-time employees, although they are expected to be given the chance to opt out if they would prefer.
Pension shortfall anticipated by majority of UK's parents
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