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Govt not encouraging pension saving, say Brits

Almost 90 per cent of Britons believe that the Government is not doing enough to encourage people to save for retirement, according to research commissioned by Hymans Robertson.

The firm says people earning more than £150,000, who were worst hit by this year’s Budget changes, are most critical of the Government.

The research reveals 70 per cent of people believe they are not saving enough for their retirement – 83 per cent of 16 to 24 year olds compared with 65 per cent of those aged 55 and over.

Only 15 per cent of citizens in Sheffield think they are saving enough for old age, making it the city most worried about inadequate retirement provision.

Meanwhile, residents living in Brighton are most confident, with 51 per cent saying that they are saving enough.

Hymans Robertson partner Patrick Bloomfield says: “The recent Budget has made retirement saving, especially pensions, more complex and less attractive for many people, and whilst these measures might have been focused on the wealthy they are having a knock-on effect on all workers.

“With an increasing number of companies shutting defined benefit pension schemes and property prices still low, it is crucial that the Government encourages people to look at a variety of ways to save money.

“Our survey results show that the Government has a great deal of work to do to encourage people to save for retirement. While we acknowledge that in the last decade of low interest rates Britons have become more accustomed to retail spending and property investment, the time has now come to make savings attractive and fashionable.”

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