Tuesday, Jun 29, 2010
Retirement on hold
BBC News: Pension savings hit by downturn
The number of people saving enough for their retirement has fallen by 6% to 48%, according to a survey by Scottish Widows.
The Edinburgh-based life and pensions provider said the figure was the lowest since 2006.
The economic downturn was blamed by 41% of people in the UK for saving less.
Posted by exiges @ 08:06 AM (553 views) Add Comment
3 Comments
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1. inbreda said...
...and as the baby boomers retire and start wanting to withdraw from their schemes rather than pay into them, the money that needs to be removed from the markets will increase. Which will surely lead to further falls and therefore further shortfalls...???
2. Simon said...
the article talks about "saving enough" for retirement .
How much is "enough" , 10% throughout working life , 30% ?
I don't believe anywhere near the 48% it claims are saving enough , if you take the 20% who work in the public sector out of the equation that leaves 30% of private sector workers who are supposedly saving enough . I'd guess that about 1 in 8 private sector workers are able to save a consistent 20% throughout their working life .
Of course if more money is deducted for provision for old age as it should be there will be less to prop up house prices .
3. paul said...
Ahh, so it's nothing to do with the unprecedentedly low base rates, but "the economic downturn". Riiight.