Over half of the working population believes their current weekly income is just enough or even belo...
Over half of the working population believes their current weekly income is just enough or even below the amount that would give them an adequate pension if they were to retire today, DWP says.
And out of the people expecting to live on a pension higher than their current income, almost one in ten have never had a private pension.
These figures are revealed in DWP's latest research report 'Pensions 2002: Public Attitudes to Pensions and Saving for Retirement' - examining private pension provision among people of working age in the UK.
While only half of the people questioned currently hold a private pension, the research shows that almost seven in ten people have had a private pension at some point in their working lives.
According to DWP, lack of extra cash, unemployment as well as being too young to take out a pension are all obstacles when it comes to buying a private pension.
But both income and employment status have important roles too in whether a person is having a personal pension or not, DWP suggests.
The survey also found that self-employed and part-time workers are least likely to have a private pension, with only five in ten and four in ten respectively having a private pension compared to two-thirds of employees.
Also looking at people's attitudes towards pensions and saving for retirement, DWP found that only 13% of the working population thinks that they have a good knowledge of pension issues.
On top of that, most people who were more than 15 years away from the age at which they expected to retire were uncertain about what their income in retirement might be.
Despite this, research suggests that seven out of ten people claimed having given "a lot" or "some" thought to their future arrangements.
According to the report, a third of people questioned say they expect to rely mainly on occupational pensions as a source of retirement income, while 14% said personal pensions and 20% said the basic state pension.
Only 1% of those within 10 years of retirement said they expected to rely on social security benefits as their main source of income.
Overall, an equal amount of people on both sides thought that either the individual or the government should be mainly responsible for making sure people will receive adequate pensions. Only a minority thought the employer should be held responsible.
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