UK’s indebted ‘not saving for retirement’

A study carried out by Scottish Widows has shown that the majority of workers in the UK are not saving enough money to be secure when they reach old age and those with debt management problems are among those struggling to contribute to their pension scheme.

The report also suggests women, particularly those with young children, and self-employed workers are among those who are most vulnerable to financial difficulties during retirement.

“While confidence seems to be returning slowly to the pensions market, 51 per cent of those who should be preparing for retirement are still not saving adequately,” said Ian Naismith, head of pensions market development at Scottish Widows.

Earlier this year, a report from the Consumer Credit Counselling Service claimed the debt management burden in the UK is increasingly shifting to more elderly generations.