UK - More than a third of people are not paying into a pension scheme, research by Royal Liver Assurance reveals.
The firm’s UK Financial Awareness Report also found that more than half of all respondents were not worried about having a decent standard of living during retirement.
These findings came despite the overwhelming majority of people surveyed (91%) being aware that the state would not pay them a pension that will allow them to live comfortably in old age.
Royal Liver Assurance chief executive Steve Burnett said: “If we are to improve the £27bn pensions and savings shortfall in the UK, the government and financial services industry must do more to communicate the importance and benefits of saving early, specifically to the young, who have a ‘spend now, worry later’ attitude to handling their money.”
The report also voiced concerns that pensions are not explained simply and there is too much jargon in the industry.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.