Scottish Widows pensions index has shown a drop in the number of people saving enough for their retirement over the past 12 months, from 55% in 2005, to 46% in 2006.
The study, which involved over 6,000 respondents, found that people who contribute to a defined contribution scheme have also stopped saving enough, with only 18% saving enough of their income, compared to 24% last year.
The number of people who are not saving anything for their retirement has risen from 17% last year, to 28%, despite the recent high profile of pensions.
Our view
Interest rate rise fears and bad financial press actively disencourage people to save at a time when we need to save.
Need some help with your savings? Book a free callback from us.