'Not enough' saved for pensions

Women pensioners often struggle to make ends meet

Nearly a quarter of people are failing to save anything for their retirement, a survey of 5,000 people suggests.

Women are the least likely to save, with only a third putting enough aside for a comfortable old age, it found.

Likewise, Scottish Widows saw the self-employed as being "at risk", with fewer than one in three saving enough.

But the group said the percentage saving adequate sums had risen slightly from 46% to 49%, since it carried out the same survey last year.

Nevertheless too many Britons had no retirement savings provision at all, the group said.

"While confidence seems to be returning slowly to the pensions market, 51% of those who should be preparing for retirement are still not saving adequately," said Ian Naismith, head of pensions market development.

"When you strip out those people that are relying on final-salary schemes, three-quarters of the UK population is still not on track for a comfortable retirement," he added.

'Unpredictability'

Reacting to the survey, the Equal Opportunities Commission said that more must be done to boost savings, particularly among women.

"Parenting and caring responsibilities have a huge impact on women's ability to save," said Jenny Watson, chair of the EOC.

"The government and the pensions industry must ensure that pensions products are flexible enough to cope with the unpredictably of people's lives.

"Otherwise, women will continue to under-save and pay the price through poverty in retirement," Ms Watson said.