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Few savers on track for retirement

16th September 2019

Most savers (56%) believe they are not stashing away enough money to fund a comfortable retirement.

The statement comes from the Pensions and Lifetime Savings Association (PLSA), which polled 2,096 people.

Only one in five respondents were confident they are on track with their pension savings, while the rest (24%) did not know.

The findings suggested men (27%) were more likely to be saving enough, compared to 14% of women.

Around a third (30%) of those earning between £30,000 and £49,000 a year were more confident about saving the right amount.

This was considerably more than those (19%) with annual earnings of between £10,000 and £29,000, and those (13%) earning less than £10,000 per annum.

Julian Mund, chief executive at the PLSA, said:

"It's clear that savers are still unsure about exactly what their pensions are worth and what this will translate to in terms of real income in their retirement years.

"We want savers up and down the UK to think about their contributions so they know exactly what they can do to ensure they have the retirement they want.

"It's never too late to start thinking about your pension."

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