There has been a dramatic deterioration in the proportion of people saving for their retirement in the last twelve months, research from Scottish Widows reveals.
The life and pensions provider’s annual report into pensions saving reveals a 9% drop in the proportion of people investing in their retirement dropping back from 55% in 2005 to 46% this year. And Scottish Widows says the proportion of people who say they do not know where their main retirement income will come from has more than doubled in the last twelve months to 23%. The report claims the percentage of income being saved towards retirement from those people not expecting to receive their main retirement income from final salary schemes has also fallen from 7.9% last year to 5.8% now. ...
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