More people than ever are saving for retirement with 56% of the population now putting ‘adequate' amounts aside each month, Scottish Widows research has found.
The Scottish Widows Retirement Report polled 5,000 people and found more than half were on track with their retirement savings. For the first time in the report's ten-year history, the average proportion of earnings being banked for retirement hit 12% - the percentage recommended by the provider. It said this was more than twice the 2006 level (6%) and a third higher than 9% reached in 2013. It also showed that outside of pension savings, people are saving on average £142 a month towards their retirement. This was up 8% on last year's figure of £130. The report added almost one in ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
