Fair Investment reveals 'insufficient' pensions contributions
Men put around £100 per month into their pension, with women contributing just £50, a new report has found.According to Fair Investment, the pension payments represent just six per cent of the average UK male wage - and four per cent of female pay.This also suggests that both men and women are not putting enough by for their retirement savings.Fair Investment cited the general rule that savers are recommended to save half of their age when they first start pensions contributions, in order to fund a comfortable retirement.Following these guidelines, men would have had to have started saving at 12 years old - and women at just eight!Sharon Bratley, chartered financial planner at the firm, said: "The results suggest that future pensioners are going to struggle to survive on their pension annuities, as between four and six per cent of earnings is not a sufficient pension contribution."The problem we are facing though is that life expectancy is on the rise, and without adequate pension contributions, Brits are going to find themselves struggling to survive financially during retirement."
Share this..
Related stories
Can you trust the authorities with your details?
Yesterday's revelation that HM Revenue and Customs inadvertently sent out the private financial details of 50,000 tax credit claimants is a major blow to not only HM Revenue and Customs but the confidence which consumers have in the system. This is not the first time that private details have been inadvertently leaked into the public domain although unfortunately it does appear in many cases that...
Read MoreUK trade gap widens unexpectedly
Figures released by the Office for National Statistics show that the UK trade deficit grew from a revised £7 billion in December to £8 billion in January. After the initial downward revision of the December figure which had been originally quoted at £7.3 billion many people assumed that the UK was back on a growth path and the deficit for January was forecast to come in at around £6.9 billion....
Read MoreDo tracker mortgages really work?
While the idea of mortgage tracker funds is to basically track the level of interest rates in the UK, do they always deliver what they promise and are they as readily available now as they were before?
Tracker mortgages have become very hot news across the UK as interest rates continue to come under pressure after the last 0.5 percent cut to 4.5 percent. There is even talk that rat...
Cifas reports significant increase in fraudulent activity
Cifas, the UK fraud prevention service, has issued a report showing a 10% increase in overall fraud in 2009 compared to 2008. However, one alarming development is the 32% increase in ID fraud which many of us seem to ignore even though more and more of us are becoming victims. The report also confirms that the typical fraud victim is still a male in his 40s although criminal gangs are now starting...
Read MoreThe Audit Commission defends its record
The UK Audit Commission, which is to be closed by the UK government, has this weekend refuted a number of allegations suggesting that taxpayers may not be getting value for money. Eric pickles, the communities secretary, suggested that the Commission have become something of a "creature of the Whitehall state" rather than a watchdog championing the causes of the UK taxpayer. However, upon further...
Read More