Retirement Savings At 5 Year High

August 7th, 2014

More than half (53%) of people are now saving adequately for retirement, according to a survey by Scottish Widows.

This is an 8% increase compared with 2013 and is the highest level since 2009. It is also the biggest ever year-on-year increase.

Scottish Widows defines adequate savings as 12% of income or expecting your main retirement income to come from a defined benefits pension.

The report reveals that the monthly amount people are saving outside a pension has risen from £54 in 2006 to £130 in 2014 – an increase of 141% over the last 8 years.

The total amount people have in savings and investments averages £40,000 per person, the highest ever amount.

Key findings:

Ian Naismith, pensions expert at Scottish Widows, said: “It is heartening to see that finally people are starting to sit up and take notice of the importance of planning for the future – whether this be through proactively upping their contributions due to a more favourable economic climate, or starting to make plans for their retirement for the first time thanks to auto enrolment.”

Is your business ready for auto enrolment? Download our guide here: Prepare for Auto Enrolment

 


BACK TO NEWS PAGE »
Latest News

RBS Switching Scheme: Are you affected?

March 25th 2019

Back in December, the Banking Competition Remedies Ltd (BCR) named 11 banks to participate in the Bu...

GUEST ARTICLE: Should there be a ‘righ...

March 19th 2019

Just over 70 years ago, the world’s first computer was built in Manchester. Today, computer techno...

Focus
management accounts

HOW WE HELP YOU Our Management Accounts service can be fully tailored to your nee...

corporate finance

Growing through acquisition is an exciting opportunity for your business, but fear o...

SPOTLIGHT ON R&D

Sevron Ltd

MQI Logo marketing1

Innovative software developers, Sevron Ltd, help businesses reduce risk in the workplace by creating specialist Health & Safety software systems.

Our Tweets

Champion Accountants

Growth Protection Core Support Menu
Contact