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Britain in need of saving, says Midshires&#39 poll

Only one in 10 people in Britain are making additional savings to finance their retirement outside of a pension, according to Birmingham Midshires.

Its Saving Britain campaign, which aims to boost awareness of savings and investment, found that only 12 per cent of people are currently setting aside extra cash to bolster their retirement income.

Its survey of 1,000 people found only 22 per cent begin or intend to begin saving additional money for retirement before age 45. This figure does not look set to improve, with just one in six respondents aged between 25-34 making provision outside of their pension.

For those below 25, this figure is 2 per cent. Head of savings and investments marketing Tim Hague says the findings show that, despite the publicity surrounding the issue, people are failing to realise they will struggle to manage financially when they retire.

He says: “Young adults do not realise the importance of saving for old age and more mature people are realising the problem too late for their increased contributions to make a significant difference. Managing financial affairs will come under increasing pressure for many people as the reality of retirement provision hits home.”

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