Only 45% Britons are saving for retirement, says report

A report revealed that only one in five workers is saving for retirement.

11:11 08 June 2013

The Annual Scottish Windows Pension Report says that there are only 45per cent of Britons who are setting aside money for their retirement.

 

The number is 54per cent lower compared in 2009. The report also revealed that that only 40per cent of women and 49per cent of men are preparing for old age.  

 

Workers are encouraged to save at least 12per cent of their income to enjoy comfortable retirement. Those who save less may still build a retirement fund but the report warns that they may expect living standards dropping sharply after retirement. 

 

According to the survey that was participated by 52,000 UK adults, the typical income they need in retirement is £25,200.

 

However, based on the amount they’re putting aside, the average amount that these people will be able to save until retirement is around £11,400.