More than half (62%) of employees in the West Midland are not confident they will have enough money in their retirement compared to 55% across the UK, according to a survey from YouGov and the National Association of Pension Funds (NAPF).
The survey also found only 44% in the West Midlands who are not retired are planning on funding their retirement with a workplace or private pension. That was the joint lowest result in the UK alongside the North East and compares with 49% across Britain.
Lord McFall, former head of the Treasury Select Committee, met with groups of pension funds on Monday 21 March to discuss the UK’s looming pensions crisis and to encourage savings for retirement through workplace pensions.
Lord McFall said: “Half the workforce is staring down the barrel of a retirement spent in poverty, and that is totally unacceptable. We need to find a better way of getting everyone to save for their older age.
“This is a UK-wide issue which we have to tackle before it is too late. But there are some stark indications that the problem is worse in the West Midlands. More people here are worried that they will not have enough money in their retirement, and fewer people are saving into a workplace pension.
“I will be asking local pensions experts to discuss what we can all do to improve the outlook for retirement saving in the region. Their views and ideas will help build my final report, which I will put to the government.”
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