Low pension confidence stops people saving

Jenna Towler
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The majority of people who have not started saving for a pension blame lack of confidence, rather than unwillingness to save as the reason for delaying, research has found.

A study from the National Employment Savings Trust (NEST) found 71% said they may not have put enough aside because they don't want to make the wrong decision about saving for retirement, whereas nearly half (47%) agree it's because they don't know enough about what would be their best option. Some 40% admitted where they had extra cash available they would be more likely to spend it on holidays, 20% on home improvements and 20% on socialising. The research said currently, just 1% of private sector employees who will be automatically enrolled into a work place pension think it is "es...

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