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Half of workers failing to save for retirement

Almost half the UK workforce are not contributing to a pension, says the Consumers&#39 Association.

A CA survey shows that 46 per cent of workers are not contributing to a pension scheme. The CA says this highlights the gap between the retirement income that consumers expect and what they are on target for.

The CA&#39s findings are supported by research from consultancy KPMG, which says 53 per cent of people under 30 have no pension and 15 per cent of over-50s have made no retirement provision.

Other results from the CA research show that 64 per cent of men would like to retire before 65 while 75 per cent of women aim to retire before 60.

Nearly a quarter of people not paying in to a pension said they cannot afford to do so because of other financial commitments, 19 per cent believe they are too young and 18 per cent say it has never occurred to them to contribute. The CA questioned 653 adults in the first week of February while the KPMG survey was conducted among 1,801 adults by pollsters YouGov.

CA senior policy adviser Mick McAteer says: “These new results are shocking. It is clear that not enough consumers are saving enough at present to provide a reasonable pension, even if they work all the way up to 65, never mind retiring early on three-quarters of their current income.”


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