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Two thirds of UK savers are not saving enough

Two thirds of UK savers are not saving enough for their retirement, according to new research commissioned by True Potential.

Our survey of over 2,000 people across the UK showed that only 36 per cent of people are confident that they will have saved enough by the time they retire to live comfortably. Women are less confident than men that they will have saved enough – 55 per cent versus 48 per cent.

Out of 2,034 respondents:

· Only two per cent are placing their funds in products that consistently beat inflation, meaning most savers are adding no significant value to their investment;

· 29 per cent have admitted that they are currently saving nothing for retirement;

· 47 per cent would consider investing in stocks and shares ISAs or investment funds if it were quicker and easier to do so; and

· 53 per cent said not having enough disposable income is the largest barrier to saving.

These results clearly show that there is a savings time bomb in Britain today that has been developing over many years. As a nation we are not saving enough and often those savings are in products that add little or no value.

However the survey also revealed some positive signs that people are starting to grow their savings and rein in debt. 32 per cent of respondents said they are more likely to save than they were six months ago.  67 per cent have added to their savings in the last three months and 71 per cent have not taken on any new debt during the same period.

Source:  True Potential

Sam: 27th Nov 2013 09:27:00

 

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