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

 


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