Pension Shortfall

A third of workers approaching retirement do not have any pensions savings, a survey has found.

Just one in four people aged over 50 said they felt financially ready for retirement, while 64 per cent said they either did not know how much money they would have when they gave up work, or they did not think they would have enough.

Around a third of workers in this age group also admitted that they had not yet started setting aside money for their retirement, according to a recent survey.

The research found that women were most likely not to have adequate retirement savings. The average woman aged over 50 had only £34,500 set aside in a pension, just half the £68,800 that the typical man has saved.

Meanwhile more than four million people aged over 50 expect to work beyond their state retirement age. This is mainly due to poorly performing pensions and not being able to afford to retire.

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