Over 12m Brits not saving adequately for retirement
Published On 23 November 2006
A new report has found that more than two million people in the UK are not saving adequately for their retirement.According to the figures from the Association of British Insurers (ABI) and accountancy firm Deloitte, some 45 per cent of working Brits are not stashing away enough cash in their pension.
Around 7.9 million people are not putting any money into a pension fund at all while another 4.3 million are not saving enough.
Chris Kenny, ABI director of life and pensions, said: "The broad direction of travel on pension reform is right. But there is still a long way to go both to encourage more saving and to get the details of personal accounts right.
"Over 12 million people are still not saving enough for their retirement and many don't believe that the government's plans to increase saving will ever be enacted.
"In this context, it's even more vital that the government takes action to ensure that existing private pension provision, which serves millions of people well, is allowed to prosper and grow."
