Brits 'not saving enough for comfortable retirement'

Thu 18 Mar 2010 - Published in Pensions

Just seven per cent of Brits think they will be able to fund an independent retirement, new research has found.

However, the Safe Home Income Plans (SHIP) survey also discovered that 49 per cent want to have a similar or better living standard in their golden years as they do before retirement.

In addition, the poll showed that 91 per cent of respondents accept that it is their responsibility to make sure they are financially secure when they enter retirement, but 61 per cent plan to fund their post-work years with a state pension.

It also revealed that 34 per cent of Britons do not save into a regular pension plan, while 21 per cent used to put money aside but have since stopped.

Andrea Rozario, Director General of SHIP, said: "It is clear that many people are living in a retirement funding daydream. They aren't saving enough money, they aren't consulting financial advisers and they aren't talking about their options with their families."

Recent research from Defaqto found just 22 per cent of women have sought advice on how to financially prepare for their retirement, while only 21 per cent have started saving.

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