Brits failing to save for pensions

Around 13.6 million Brits do not have a pension, according to new research from Baring Asset Management, the international investment firm.

Of the 38 per cent of Brits who do not have a pension in place, an alarming 1.4 million people are 55 and older and beginning to near retirement age.

The research by Barings underlines the fact that people are failing to access accounts with the best savings interest rates.

Marino Valensise, chief investment officer at Barings, said: "Having such a large number of people without any form of pension provision is very worrying."

The study, conducted annually amongst non-retired GB adults, also reveals that people are increasingly reliant on their property to fund their retirement, due to a failure to access the best savings rates.

A recent report from the Workplace Retirement Income Commission said that there is an urgent need to improve the UK's pensions system, as a large number of Brits currently do not save for a pension.
 

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2011-08-11 12:46:36 © Moneyextra.com