Examining the nation’s attitudes and behaviour towards pensions saving
The Scottish Widows UK Pensions Report is based on a recent online survey of 5,200 UK adults by independent research agency YouGov . Scottish Widows examined the nation’s attitudes and behaviour towards pensions saving and found that retirement savings have hit an all-time low.
These are just some of the key findings from this year’s report:
- Only 46% of people are saving enough for their retirement
- One in five (22%) are not saving anything for their retirement
- Despite retirement savings plummeting, pension income expectations have increased
- The nation wants twice as much as they are likely to receive based on their current savings
Please mind the pensions gap
These figures are based on those who could and should be preparing financially for retirement – those aged 30 or over, who are not retired, and earning at least £10,000 a year. Figures based on a current pension pot of £150,000. Saving adequately is those saving at least 12% of their income or expecting their main retirement income to come from a defined benefits pension.
An average saver is calculated on £25,000 average salary and 8.9% saving rates between age 30 and age 65. Pension projections are based on the Money Advice Service pension’s calculator, using an average of male and female figures.
The research was carried out online by YouGov who interviewed a total of 5,200 UK adults over the age of 18 between 23, March and 28, March 2012.