Almost half of adults in the UK, including those approaching retirement age, are not preparing financially for retirement by contributing towards a pension scheme.
According to new research commissioned by The Society of Pension Consultants (SPC), the representative body for the pensions industry, 46% of the working population aged over 18 is not investing in a pension.
And 45% of people aged between 55 and 64 are not contributing to a scheme, despite rapidly approaching retirement.
The research, based on a Populus poll of 714 adults, †also revealed a worrying lack of engagement in retirement funding. About a fifth (21%) of those surveyed said they review their company or personal pension decisions no more than once a year.
SPC president, Duncan Howorth said: “Our findings underscore why we must constantly examine and debate retirement and pension issues at the highest levels. The continued ageing of the UK’s population means the government needs to put education about retirement planning higher on its agenda than ever before.”
A third (32%) of the 714 respondents eligible for pension plan membership reported that they were unable to save towards retirement.