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Survey shows many not putting money into pension

July 24, 2009 by admin  
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A recent study has shown that a worrying number of people in the UK are failing to put any money into a pension for their futures, thus running the risk of being left with inadequate funds to retiring comfortably in the future.

The report showed that over 50 percent of adults in the UK that are aged between twenty and sixty are not putting any money away into a pension, which could create real financial problems for many when their retirement comes around.

The study was carried out by Gfk NOP, and involved surveying over thirteen hundred people. The data showed that it was the people aged thirty and under that were most guilty of failing to put money aside, with around 36 percent in this age group putting no money into a pension pot for the future.

Most of the younger people that were failing to put money aside into their pension said that their main reason was because they could not afford it, and had to put their cash towards paying off debts.

In older age groups, such as those aged between forty one and sixty years of age, the reasons for failing to put money into a pension were slightly different.

Some of the reasons cited by this age group included having been made redundant or in some cases with women never having started a pension scheme due to leaving work to have a child.

One twenty five year old said that he could not afford to prioritise on getting a pension at present. He said: “I haven’t given a pension any thought. At the moment I’m just trying to keep down a steady job. I was made redundant because of the recession and have had to take a pay cut.”

Tags: study, reason, money, uk, pensions, Personal Accounts, savings, Employment compensation

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