UK Money News
30th June 2008
Economic fears fuelling rising in retirement saving
More and more Britons are saving money, driven by growing fears over their retirement income, new figures from Scottish Widows have shown.
According to the building society, the percentage of people saving adequately for retirement has risen from 49 per cent to 51 per cent.
Meanwhile, the firm's average savings ratio is up from 7.9 per cent to 8.7 per cent.
Scottish Widows said the increase is being fuelled by the credit crunch, with a poll it conducted finding that 41 per cent people felt better off five years ago than they do now.
Ian Naismith, head of pensions market development at the company, welcomed the changes, but urged Britons to do more to safeguard their financial well being when they give up work.
He said "Although the state of the nation's retirement savings is starting to improve, there is a distinct sense of pessimism emerging from our results with consumer confidence falling compared to last year.
"With the cost of living rising and the nation struggling to make ends meet the outlook isn't getting any brighter."
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