Only 39% UK workers saving for retirement
May 29, 2011
ABOUT 39% of people in the UK have a financial plan to save for their retirement, far fewer than people in Malaysia and China, a report suggests.
ABOUT 39% of people in the UK have a financial plan to save for their retirement, far fewer than people in Malaysia and China, a report suggests.
The HSBC survey, which quizzed 17,000 people in 17 countries, concluded that up to 84% of people in Malaysia were making provision for retirement.
Half of those asked in the UK thought they would be worse off in their old age than their parents. However, they face a tough economic landscape and money pressures.
Many have also seen their parents face a number of issues with pension providers in previous years.
“People are aware that they need to do something for their retirement and for various reasons they are not doing it,†said Malcolm McLean, of actuarial firm Barnett Waddingham.
“If they have access to a company scheme, they should join it, because if they do not, then they are turning away wages.â€
The HSBC survey, which quizzed 17,000 people in 17 countries, concluded that up to 84% of people in Malaysia were making provision for retirement.
Half of those asked in the UK thought they would be worse off in their old age than their parents. However, they face a tough economic landscape and money pressures.
Many have also seen their parents face a number of issues with pension providers in previous years.
“People are aware that they need to do something for their retirement and for various reasons they are not doing it,†said Malcolm McLean, of actuarial firm Barnett Waddingham.
“If they have access to a company scheme, they should join it, because if they do not, then they are turning away wages.â€