50% 'have no pension'

28/05/2009

Pension savings are so low that millions of Britons will suffer a retirement on the breadline, it has been suggested.

A poll for the BBC conducted by GfK NOP showed that just 36 per cent of under-30s were currently saving into a pension plan.

Across all age groups, the total savings level stood at just 50 per cent of people.

Meanwhile, a similar number said that they expected to be financially secure in old age.

The shocking figures come as the recession puts the squeeze on many people's personal finances - making it harder for them to make ends meet.

Therefore making savings into deposit accounts is seen as optional - rather than an important way of funding a more comfortable retirement.

Speaking to the broadcaster, 25-year-old Tom Wainewright said that he had bigger concerns than making pension savings at the moment.

"I haven't given a pension any thought," he said.

"At the moment I'm just trying to keep down a steady job. I was made redundant because of the recession and have had to take a pay cut."

Tags; Income Worries and Debt, Retirement Money Problems,

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