UK pension savings 'hit record low'
Retirement savings have tumbled across the UK as other commitments take precedence, a report has found.
The number of Britons saving enough cash for their retirement has tumbled to an all-time low as other financial commitments take precedent, according to the latest report from Scottish Widows.
It found that only 46 percent of people are putting away enough money to deal with their needs after leaving work, a drop of five percentage points from last year.
Furthermore, over a fifth of respondents admitted to not saving any money at all.
For almost three-quarters of the population, immediate financial commitments and debts are being prioritised over saving up for the future.
A third of respondents pointed to paying off debt as their biggest concern, while 40 per cent cited general living expenses.
"Taking a short-term view of your finances will not help to close the gap between the UK's current pension provision and the desired level of retirement income," warned Ian Naismith, head of pensions market development for Scottish Widows.
The Class of 2012 report from Prudential recently warned that 20 per cent of people planning to retire this year have not put any money aside for their financial needs.
Posted by Sarah Nyman
Written by ©