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Pension contributions 'not enough'

A report has revealed that almost 50 per cent of people are failing to save enough for when they leave work putting them on track for a disappointing retirement.

A YouGov poll shows that around 49 per cent of workers are not saving an adequate amount, while 20 per cent are not saving anything.

The market research firm revealed that over the past five years the number of people who were not saving enough for retirement had been consistent, with those making insufficient contributions ranging from 46 per cent to 52 per cent.

YouGov studied people earning more than £10,000 annually between the ages of 30 and the state retirement age.

It found that just 51 per cent are making significant enough provisions every month to ensure they have a comfortable retirement.

But the figure dropped to just 25 per cent of workers, once people who were members of final salary pension schemes were excluded.

The average age at which people would like to retire remained unchanged from 2010 at 61 years and eight months.

Only one in five people said they would be happy to work until they were 70, with people typically saying they would want to retire at 66 and six months at the latest.

People would like to have an average annual retirement income of £24,300, a significant drop from the £27,900 they hoped to have in 2009.

Copyright Press Association 2011