Pensions savings fall below pre-recession levels

Later-life saving has been rising slowly in recent years but has taken a dramatic drop since 2009 to hit its lowest level for four years, according to the sixth annual Scottish Widows UK Pensions Report 2010. Of those saving less, 41% blame the economic downturn while 18% say the recession has put retirement lower on their list of priorities. Since 2009, the number of people saving adequately has fallen 6% to 48%, according to the Scottish Widows pensions index, which tracks the percentage saving adequately for retirement. In addition, the index suggests a fifth (21%) of people wh...