British employees are saving much less for retirement than European counterparts with a 3rd saying they can’t afford to place extra into pension financial savings, in line with new analysis.
1 / 4 of British pension savers mentioned they have been already saving as a lot as they might each month, the M&G Wealth examine discovered.
Kirsty Anderson, pensions professional at M&G Wealth, mentioned: “Many within the UK are telling us they merely can’t afford to save lots of extra for retirement and, with rising inflation persevering with to decrease folks’s financial savings and spending energy, it’s solely getting more durable.”
The ‘Retirement Revisited’ examine explored the monetary dangers folks face in retirement throughout the UK, France, Italy, Germany and Spain.
Whereas a 3rd of UK respondents mentioned that affordability was the principle barrier to saving extra that determine was considerably larger than these in Italy (22%), Germany (27%), Spain (27%) and France (28%).
Whereas 31% of Spaniards mentioned they have been saving as a lot as they might each month, solely 24% of Brits have been.
The examine additionally thought-about whether or not the shortage of retirement financial savings is an even bigger danger for ladies than males.
Whereas the cost-of-living disaster has induced 18% of individuals general to say they are going to work past regular state pension age, the problem is a a lot greater concern for feminine employees within the UK with 21% of girls stating they’d work on, in comparison with simply 15% of males.
On the subject of saving, 27% of UK males have arrange an ISA to save lots of for retirement in comparison with solely 18% of girls. In the meantime simply 9% of UK girls surveyed have arrange a non-public pension – virtually half the variety of males (17%).
Solely 11% of UK girls had elevated their office contributions in comparison with 16% of males, a pattern that was echoed in different European nations.
In France and Italy, twice as many males than girls are actively placing cash into their office pension.
Kirsty Anderson mentioned that one thing that also tends to be a problem for ladies is ensuring that they hold contributing to their pension once they take profession breaks.
• The analysis was carried by Opinium amongst 900 UK adults (18+) with 500 of them planning on retiring within the subsequent 12 months. Analysis was additionally carried out with adults in France, Germany, Spain, and Italy.