Pension warning: Over 50s have less than £100 in savings – how to protect your retirement | Personal Finance | Finance


This report asked 3,000 UK adults aged over 50 about their savings and investment habits, and found a significant proportion of those in their later life feel financially insecure.

The report found only one in five people aged 50 or over felt confident they had enough in their savings, pensions and investments to fund life after work.

These difficulties emerged even as the proportion of people over 50 with a private pension has increased by three percent since 2019, with the average pension pot increasing from £141,712 in 2019 to £166,579 in 2021.

A further quarter of the respondents detailed they had no private or company pension to supplement their income during retirement whatsoever, with the majority either needing to rely entirely on the new state pension of £9,300 a year (£179 a week) as their main source of income, or plan to continue working to fund their golden years.

READ MORE: State pension : Retirees unaware of how much they’ll get in retirement

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