Report shows that more people are saving for pensions
Pension savers are closer to creating a comfortable retirement for themselves than at any other time in the last decade, with well over half now deemed to be saving adequately, a report has found.
The annual Scottish Widows Retirement Report found that 56% of over-30s are saving enough for their retirement, which is up from 53% last year and marks the highest level recorded since 2005.
Despite the improvements, one in five (20%) are still not saving anything for their retirement, equating to around 6.2m people across the UK, the report said.
Men are more likely to be saving adequately for their later years, at 60% compared with 52% of women.
The index tracks the percentage of men aged between 30 and 64 and women aged 30 to 59 deemed to be saving enough.