A new study has indicated that the current economic climate is having a detrimental effect on the amount people are placing into their savings for retirement .
The survey of more than 2,000 adults carried out by YouGov on behalf of Edward Jones revealed that 43 per cent of respondents currently working said they are saving less for their retirement due to rising living costs.
Meanwhile, the firm noted that some 23 per cent admitted to not having amassed any retirement savings at all yet.
Andrew James, retirement planning manager at Edward Jones, said it is a "big concern" that people appear to be cutting back on their savings for later life in order to get by.
"We all know the UK has a looming pensions crisis and this news just adds to the problem. It's also disheartening to see that 23 per cent of respondents have not saved a penny yet towards their retirement," he commented.
Fidelity International recently warned that the average worker in the UK is likely to be living on £215 per week when they retire .
Britons saving less for retirement, research shows
Financial Services > Savings > Savings and Investments News
Britons saving less for retirement, research shows
Fri, 06 Jun 2008
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