Pensions ‘a big mess’
Not nearly enough people are saving for their retirement, according to a report published by insurance company Scottish Widows.
The report found that in the last year the percentage of people saving adequately for their old age fell from 55% to 46%. At the same time, the percentage of people making absolutely no effort to save for retirement rose from 17% to 28%.
Iain Naismith of Scottish Widows said: “Although it is too early to tell it does appear, regrettably, that the noise surrounding pensions could have led many to put their retirement savings on hold while they wait and see what happens in the promised Government reforms.”
Financial expert Martin Cunningham said: “Pensions are the biggest mess on the financial services scene and, if anything, the figures stated by Scottish Widows for people not making any provision for themselves at all are too low.”