The number of people in the UK saving adequately for their retirement has dropped by almost 10% in t...
The number of people in the UK saving adequately for their retirement has dropped by almost 10% in the last year, according to research by Scottish Widows.
The Scottish Widows UK Pension index, which tracks the percentage of the population saving for retirement, found that only 46% of people were saving the appropriate amount in 2006, compared to 55% in 2005.
Iain Naismith, head of pension market development at Scottish Widows, said: "The deterioration in the index and the ratio is very disappointing considering how high profile pensions have been in the last 12 months.
"Figures show that four out of five people - who are not on a final salary pension - are failing to save adequately for their retirement, and two in five are saving nothing at all. No-one can be in any doubt about the challenge facing us all when it comes to preparing for retirement."
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