Friday 15th September 2006
New research has suggested that Britons are not being realistic when it comes to saving for their retirement.
Statistics released by Scottish Widows has revealed that many Brits want to retire on £30,000 per year, but are only saving enough for just over half that amount.
The study showed that the average Briton is falling £13,000 short of the £30,000 target because they are not putting enough money away to look after themselves in retirement.
Scottish Widows head of pensions market development, Ian Naismith, commented: "Our generally high expectations of what we will need in retirement, and our collective failure to save adequately, raise important questions around financial education."
Mr Naismith also warned that most people are saving below the recommended 12 per cent of their earnings between ages 30 and 65, but if people want to retire on £30,000 they need to be saving more than this amount every year.
He commented: "As a nation we are not saving nearly enough – yet we still hope we will be comfortable in retirement."
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