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Millions of people failing to save – Scottish Widows

Eight million people in Britain have no savings for the future, a report from the Scottish Widows has found. Another 15 million are “not currently making any effort” to save for the future.

As life expectancy increases, the cost of retirement is also going up, leading experts to raise concerns about how prepared citizens are to fund their old age.

There was a rise from 30% last year to 40% this year in the number of people who had given or loaned “substantial” amounts of money to children and other family members.

The report showed that 31% of the UK adult population, around 14.9 million, are failing to save any money. This compares to 32% failing to save the year before. Of those who are, 32% estimate the value of their total savings and investments at less than £1,000.

Three in ten people surveyed have cut back on saving due to pressure from rising costs.

The report states: “From an international perspective, the UK household savings rate continues to be relatively low. In recent years we have seen that what people save is very much a reflection of the economic climate – a gradual growth to 2009, followed by a sharp reduction to 2011, with modest improvement over the last two years.

“Given that most economic forecasts suggest that growth will be weak in the short term, there is no suggestion that we will see a radical growth in savings for the foreseeable future.”

Scottish Widows also welcomed the Government’s auto-enrolment scheme into a workplace pension, which could encourage more people to save.

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