Workers risking debt by not saving enough for pension

A new report by Scottish Widows has claimed that many people are still not saving enough for an adequate income in retirement, according to The Guardian.

The report claimed that while the number of workers saving adequately had risen from 51% to 54%, the gender gap had widened. While 59% of men were saving adequate amounts, only 47% of women were saving a similar amount.

Scottish Widows` findings are echoed by a similar survey from employee benefits company Foster Denovo, according to The Guardian. The company found that more than a third of adults in Britain who were not already retired has not joined a personal or company pension scheme.

A spokesperson for debt management company Gregory Pennington said: "The current environment is making saving money difficult for many people, but it is very important that people do their best to save for retirement.

"Without a pension, people could be greatly increasing their risk of financial difficulties in later life."

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