Voluntary pension saving 'falling'
The extent to which British consumers are setting money aside to secure their own financial future is being reduced, it has been revealed.
According to figures compiled by Prudential, the average adult in the UK is now contributing £140 less to their private or company pension than was the case a year ago.
In fact, the majority of British people are not saving for retirement via a company or private pension and most are overestimating how much their annual income will be in later life.
"It is deeply concerning to see that the amount UK adults are personally paying into pension schemes has fallen so dramatically in the past year," said Gary Shaughnessy, Prudential's managing director of retail life and pensions.
Last week, Anna Sofat from the wealth management firm Addidi urged people around the country to do all they can to save for retirement even if their finances are being stretched.
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