72% 'have no pension plans in place'
Recent research has highlighted that many Brits do not have adequate financial arrangements for retirement in place.
New research has highlighted that almost three-quarters of Brits have no pension provision in place, putting millions at risk of struggling financially during retirement.Statistics from Datamonitor highlight that 72 per cent of Britons are not putting cash aside for retirement, with 89 per cent of people aged between 18 and 24 having no pension provision.
Some 68 per cent of people aged between 50 and 64 have no personal pension plans, despite the retirement age of 65 approaching rapidly.
Annabel Gorringe, life and pensions lead analyst with Datamonitor, said: "The confirmed trend of people not saving enough, if anything, for their retirement is alarming.
"The difficulties of saving for retirement seem to have been woefully underestimated by both policymakers and individuals themselves."
She added that consumers who have not financially prepared for old age will face huge challenges and struggle to maintain the standard of life they are used to.
Ms Gorringe continued to say that many older people had been going to use their property as a pension pot, however due to the housing market crash this is no longer possible meaning they will have to look to alternative arrangements.
New data from the European Commission recently highlighted that British pensioners are the fourth poorest in Europe.
The figures showed that nearly one in three UK over-65s were living in poverty in 2007, the same proportion as in Lithuania.
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