Survey finds many people hit 40 with no retirement savings

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19th September 2016 10:42 - Financial Services

Survey finds many people hit 40 with no retirement savings: Recent market research, conducted behalf of the pension provider, Zurich, has revealed that more than 1,000,000 British people hit the age of 40 with no money set aside for their retirement.Survey finds many people hit 40 with no retirement savings

Of the survey respondents, 33 per cent of those aged 35 to 39 had no pension money saved, even though they were approaching the middle of their working lives. This statistic is equivalent to (if applied to the whole country) 1.3 million Brits aged 35 – 39 who have no pension saved for their later years.

As well as this, 37 per cent of the respondents aged between 25 and 34 said that they are not contributing to a pension for their retirement, a figure which is equivalent to approximately 3.2 million.

Commencing in 2012, the Government rolled out the momentous scheme to automatically enrol workers into a work place pension, something which is still in effect four years later. The 2012 policy was created to combat the issue of people not saving for retirement, or simply not saving enough. More than six million people have been signed as part of the workplace pension scheme to date; however, some people have voiced concerns that the amount of money that is being set aside will not ensure people the high living standards that they would like for their retirement.

A separate research study revealed that auto-enrol into a workplace pension has been adopted successfully by a lot of young workers.

According to statistics, approximately 90 per cent of people are sticking with their pension after being auto-enrolled, which is positive, as opting out of the workplace pensions means that individuals will miss out on employer pension contributions and tax relief.

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