Cost of living crisis causing £15,000 retirement losses

Scottish Widows report revealed pension savers are at risk of retiring with £15,000 less

Julia Bahr
clock • 4 min read
Cost of living crisis causing £15,000 retirement losses

In light of the wage stagnation and rising living costs deepening the UK’s retirement income crisis, the average earner in their thirties is set to see their pension pot reduce by £15,000 by the time they retire, according to Scottish Widows.

The firm's latest retirement report revealed that average earners in their 30s who were auto-enrolled in a company pension scheme in 2012 will have potentially contributed £7,000 less by 2024. T...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

FCA unveils final pensions dashboards rules

FCA unveils final pensions dashboards rules

The FCA has shared its regulatory framework for pensions dashboards service firms

Holly Roach
clock 08 November 2024 • 4 min read
Inaugural Bloomfield Lecture focuses on lifelong financial independence for all

Inaugural Bloomfield Lecture focuses on lifelong financial independence for all

Talk explores approaches to promote greater adequacy and equity for all

Professional Pensions
clock 08 November 2024 • 2 min read
Tesco joins PASA as a corporate member

Tesco joins PASA as a corporate member

The company joins over 70 other PASA corporate members

Holly Roach
clock 08 November 2024 • 1 min read
Trustpilot