News

Brits regret lack of retirement savings

Nearly three quarters of people who began pension saving after the age of 31 wish they’d started earlier, according to a survey by TopCashback.co.uk.

The survey by the cashback website found that 72% of people regret delaying saving for their pension until their thirties.

More than a fifth (22%) of these said they did not start saving because they didn’t understand how pensions worked.

The poll of more than 3,300 savers found:

  • around two thirds of people over 18 have a work or private pension
  • most pension savers contribute between 5% and 6% of their monthly salary
  • more than half of pension savers began contributing when they were in their twenties
  • most people plan on retiring in their 60s.

However, the survey also revealed that 84% of people without a pension have no alternative plan for retirement. Around half of these are concerned that they haven’t begun preparing for their retirement.

The most common reason for not saving in a pension was not earning enough.