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PPI Claim News - 1/7/2010

PPI: Pension contributions fall during recession

Pension contributions have fallen dramatically since the recession, according to a new report.

Scottish Widows has revealed that just 48 per cent of Britons over 30 are saving enough to cover their retirement, down from 54 per cent in 2009.

Those over 50 have been hit hardest by the economic downturn, as only half are saving adequately despite needing to prepare for retirement.

Last year, 52 per cent of women in this age group were putting aside enough funds but only 38 per cent were doing so in 2010.

Alarmingly, 26 per cent of women over 50 were not contributing anything to their pension, up by four per cent on last year.

Ian Naismith of Scottish Widows expressed his concern at the new figures.

"Many people have just given up. It is a worrying sign that the group most vulnerable when it comes to retirement savings is women over 50. There is a very real possibility that many will end up living in poverty," he said.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt managementADNFCR-2776-ID-19869849-ADNFCR

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