Retirement savings ‘off track’

Britons are not saving adequately for their retirement, new figures have indicated.

According to research by Scottish Widows, only 49 per cent of consumers are reported to be putting a sufficient amount into pension pots.

However, when those on final salary pension schemes are removed from the survey, only 25 per cent are said to be saving enough.

As a result of a shortfall in setting money aside consumers could well face increased pressure in managing debts and making repayments on various avenues of borrowing such as personal loans.

Head of pensions market development Ian Naismith said: "Despite pensions being front page news for much of the past year, there is still some way to go before the nation is truly on track."

Overall, some 24 per cent of Britons were reported to be not setting money aside at all.

The study also indicated that the self-employed, women and those struggling with debts accrued from credit cards, overdrafts and loans are the most likely to be making inadequate savings.

Earlier today, Legal & General’s MoneyMood Survey indicated that about two-thirds of adults were in the mood to save after paying bills and servicing debts at of the end of May, a rise of 57 per cent from the same month two years ago.

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