UK's lost pension generation
While the superannuation guarantee has ensured that Australia has made significant headway on retirement incomes adequacy, British-based research house Datamonitor has warned that the United Kingdom is currently facing a lost generation of pension savers.
The warning flows from a Datamonitor survey that has confirmed that people are simply not saving enough for their retirement.
According to the survey, up to 83 per cent of people in the UK and Spain have not saved enough for their retirement and as many as 72 per cent of individuals do not hold any pension savings.
Datamonitor life and pensions analyst Annabel Gorringe said the UK in particular faced a lost generation of pension savers with the survey results showing that 89 per cent of 18 to 24 year olds did not currently hold a pension policy.
She said when it came to those approaching retirement in the UK the story was still alarming, with 68 per cent of 50 to 64 year olds not holding a pension at all.
Gorringe said the difficulties of saving for retirement seemed to have been woefully underestimated by both policymakers and individuals themselves.
AUTHOR
Mike Taylor
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