Retirement planning is not a priority for a quarter of the United Kingdom’s workers, and affordability is one of the main reasons for not contributing to a pension scheme.
Research from B&CE Benefit Schemes has suggested that a high proportion of people ‘had not got round to it’ and 83 per cent of those under 24 said that they were too young to think of retirement savings.
Our view
The issue of long term pension savings is one that government and the finance industry have been trying to tackle for a while. This the fundamental reason why a new National Pension Savings scheme, with compulsory employer and employee contributions will arrive on our doorsteps in around 4 years.