UK Money News
2nd April 2008
Brits neglecting pension schemes
The rising cost of living is limiting Britons ability to pay into pension schemes, new data suggests.
According to the Prudential Savings Report, the contributions made by Britons into private and company pension schemes has fallen from £279.38 per month last year to just £144.57.
The report also found that the number of Britons who do not pay into a pension scheme at all rose by one per cent to 55 per cent.
Women were revealed to be less likely to pay into a company pension with 63 per cent neglecting their financial future compared with 44 per cent of men.
Commenting on the figures, Gary Shaughnessy, managing director of Prudential's retail life & pensions division, said: "It is deeply concerning to see that the amount UK adults are personally paying into pension schemes has fallen so dramatically in the past year.
"With rising prices and a squeeze on savings, reducing pension contributions may look like an attractive short-term option, but the reality is that continuing to save as early as possible is vital if people are to build a pension pot large enough to maintain their lifestyle in retirement."
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