Feb 23 2009
Almost four out of ten (39 per cent) UK consumers are failing to save for retirement.
This is according to figures produced by Fairinvestment.co.uk, which found that 39 per cent of Britons do not have a pension.
The age group most likely to be without a pension is the under 18s, 48 per cent of whom do not have a pension policy in place.
Meanwhile, 29 per cent of those aged between 46 and 50 admitted they did not have such a policy.
It was also found that the credit crunch is making people less likely to contribute to their post-work savings, with 11 per cent of people questioned saying they had stopped paying into their pension since the onset of the economic downturn.
"The fact that so many Brits do not have a pension in place is concerning," stated chartered financial planner at Fairinvestment.co.uk Sharon Bratley.
Recently, John Whiting, tax partner at PricewaterhouseCoopers, said that people can be reluctant to save for their retirement when money is tight.
