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15 per cent of workers say saving for retirement is not their responsibility

Fifteen per cent of UK working adults feel that they should not have to shoulder the responsibility of ensuring that they have made adequate provisions for their retirement.

The research, from Aon Consulting, highlights that despite the Government’s latest attempts to increase personal responsibility for pensions savings, many employees are still passing the buck when it comes to making sure they will have enough money saved upon retirement.

The research, which surveyed 1,204 working adults, showed that 25 per cent of employees also feel that the government and 22 per cent their employer, should also share the responsibility for the funding of their retirement.

The survey also highlighted that of those aged 18 to 24, some 39 per cent and 33 per cent believe that the government and their employer should be held accountable, respectively. This contrasts with just 21 per cent and 17 per cent respectively of 55 to 64 year olds who are placing the onus on the government and their employers to assume responsibility.

?Commenting on these results Aon Consulting head of defined contribution pensions Paul Macro says: “It is worrying that so many people are still refusing to take responsibility for their own retirement and continue to rely on others – be it the government or their kids – to share the responsibility for funding their own pension. By assuming that others are liable, workers in the UK could find themselves struggling when it comes time to retire.

“It may sound like a broken record, but while people are living longer and the cost of living is going up, we need to keep reiterating the need for self responsibility to save more for a decent retirement. Attitudes particularly need to change among the younger generation. Our survey should act as a wake up call, as even with the introduction of the Government’s new Personal Accounts, it’s unlikely that many workers will be able to retire comfortably without individuals taking a more active role in the funding and planning of their retirement.”

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