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Brits ‘worst in World at saving for Retirement’

Figures from a study administered by HSBC have revealed that British workers are the worst in the world at preparing for retirement through a pension scheme.

While the average retirement period in the UK is expected to last for nineteen years, figures show that the average pension in the UK will last for just seven years. The problem however is not confined to the UK, with worldwide savings lasting on average for just over half of the average retirement period.

The study also revealed that more than half of the working population within the UK are not doing enough to prepare for retirement, while one in five are saving nothing at all for their pension.

In order to combat this the government has planned an auto-enrolment scheme which will mean employees in the private sector, of which seven out of ten currently do not contribute to a pension, will automatically be placed on a workplace pension.

Workplace pension schemes pay a small percentage of your wages into your plan monthly, and many employers will also add a percentage on top of your contribution, giving a boost to your savings that you would not have otherwise. However with so few people taking advantage of such schemes, there has been increasing concern about how people will cope financially once they reach retirement age.

Joanne Segars, Chief Executive of the National Association of Pension Funds said: “The UK needs to do more to face up to saving for its old age. For millions of people that will mean working for longer, saving more, or both. Too many people will retire only to find they have to significantly downgrade their lifestyle because they do not have enough savings”.

If you have any questions or concerns about your pension, or any other financial matter, please do not hesitate to contact our advisors who will be happy to help.

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