FCA: 15 million people have no private pension despite AE

Age a major factor

Hannah Godfrey
clock • 2 min read

Millions of people still don't have a private pension, with younger people particularly affected, the Financial Conduct Authority (FCA) has warned in its latest report.

In its report Understanding the financial lives of UK adults, the regulator said almost half (49%) of all UK adults - including retirees - do not have a private pension, equating to 15.1 million people. Among non-retirees, the self-employed and the unemployed are twice and three times as likely as the employed to have no private pension cover, it said. The report found age to be a major factor affecting pension saving, with fewer than half (49%) of 18-34 year-olds saving into pensions, while three-quarters (77%) of those aged between 45 and 54 have a pension they have not yet accessed...

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