According to a recent report by the Department for Work and Pensions, approximately one in three people are failing to make any savings towards a pension . Despite this, almost half of British people believe that they will be able to fund their current lifestyle once they retire .
Figures indicate that almost 50 per cent of people under the age of 34 are not saving for a pension, despite claims that 24 is the optimum age to begin paying money into a pension scheme .
Furthermore, some 40 per cent of people under the age of 44 are not paying in, and 1/3rd under 54 make no contributions to a pension scheme . However, some 55 per cent of people aim to go on holiday once every year when they retire, whilst 54 per cent intend to eat out or visit the cinema once a week, according to the research.
Furthermore, people expect to continue living their normal life, with 60 per cent thinking they will be able to pay to run a car without a pension scheme, 55 per cent believing they will be able to pay for grandchildren, and 54 per cent intending to continue their clothes shopping habits.
Experts urge that pensions should be a young people’s issue.
1/3rd of British people not paying into pension scheme
Pensions Quote Line
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1/3rd of British people not paying into pension scheme
Wed, 16 Jan 2008
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