DWP: Fewer than 40% of Britons saving for retirement
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Fewer than four in ten British workers are saving into a private pension, official Government figures reveal.
The Daily Telegraph reports that new analysis from the Department for Work and Pensions shows the number of working-age people saving into a private pension fell from 46 per cent in 2000 to 38 per cent last year.
The figures come just ten months before automatic enrolment begins for the UK’s largest companies in October, 2012.
Pensions minister Steve Webb (pictured) says: “With fewer people saving into a pension, lower annuity rates and an average of 23 years in retirement, many people could face a poorer future in their later lives.
“We simply must put a stop this trend and get people saving. Automatic enrolment, beginning for the largest employers later this year, will get millions of people saving, many for the first time.”
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Readers' comments (4)
Julian Stevens | 1 Jan 2012 1:17 pm
And what about the Conservatives pre-election manifesto pledge to undo all the damage done to confidence in saving for retirement inflicted by various administrations over the past 25 years? Of that, we hear nothing.
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Anonymous | 3 Jan 2012 10:03 am
It would be so good to save into a pension, but one needs money to put into it! Spare income is in short supplyy these days and the DWP makes a statement like this!!!! Talk about the obvious!
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Tom | 3 Jan 2012 1:29 pm
Basic Income 20% Tax
VAT 20%,
Travel Costs, 20%
This leave 40% for Council Tax,Heating, Food, Insurance.
No wonder SAVING for RETIREMENT is now out of reach for the MAJORITY of normal working people.
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Brian | 3 Jan 2012 2:54 pm
Tom - I have no doubt that you actually believe you are paying 20% of your gross income on VAT....
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