6 in 10 not saving on pension or for retirement

Tue, 15 Apr 2008

According to recent reports in the national press, as many as 60 per cent of UK adults are not paying into a pensions scheme or saving anything for retirement . The figure, once considered on a national basis, equals over 22 million people of working age. This statistic is apparently the top level since records began.

Speaking on behalf of financial advice company Hargreaves Lansdown, Laith Khalaf was reported as commenting: "If pension savings continue to decline in this way, we could see a generation of pensioners living on baked beans and Rich Tea biscuits. Retirement should be a time to relax and enjoy yourself, but you need to have put aside enough during your working lifetime to do so. These figures show that for many retirement will be a pretty miserable existence."

This reduction in people saving for a pension scheme has accelerated rapidly in recent years. The Government, who are planning to implement pension changes, will not introduce new legislation for another four years.

General Secretary Joe Harris reportedly summed up pensioner poverty as being a ‘national scandal.’
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