Britons fail to save for the future

BRITISH workers are failing to save enough for their retirement despite being worried about how they will pay their bills, a poll suggests.

Not having enough money in their pension pot to retire on and live a comfortable lifestyle topped the list of retirement concerns of 2,184 people polled.

For 27 per cent of those quizzed, another key worry was not having cash available to cover emergencies such as accidents or illness.

However, 36 per cent said they did not plan to save more for their later life, with 15 per cent saying they did not plan to retire at all.

One in five of those polled by Close Brothers Asset Management admitted to being worried about which retirement product best suited them. And 26 per cent said they found recent pension changes confusing.

David Newman, from the company, said: “Closing the gaps in pension saving and knowledge is paramount.

“Putting aside the bare minimum will not guarantee that the next wave of retirees will have the necessary income in retirement.”