72% of Brits no pension saving
Levels of pension saving is woefully low in the UK, leading millions into the prospect of poverty in retirement.
Research by Datamonitor reveals a global pensions crisis - with two thirds globally without pension provision and the current financial crisis and recession is set to exacerbate problems.
The study looked at Australia, Brazil, China, France, Germany, India, Italy, Japan, Netherlands, Russia, South Korea, Spain, Sweden, the UK, and the USA.
In the UK 72 per cent of people have no pension plan in place.
Annabel Gorringe, life and pensions lead analyst with Datamonitor, said: "The confirmed trend of people not saving enough, if anything, for their retirement is alarming.
"The difficulties of saving for retirement seem to have been woefully underestimated by both policymakers and individuals themselves.
"If consumers cannot rely on the state and their employers to provide much pension income, consumers face huge challenges. Simply for this, the need to engage consumers with private pension provision is more necessary than ever before."
She added those who are not putting adequate money aside for their retirement pension will be facing pensioner poverty and are unlikely to maintain the lifestyle that they are used to.
Ms Gorringe added: "The UK in particular faces a lost generation of pension savers."
Some 89 per cent of 18 to 24 year olds do not currently hold a pension policy.
However, more alarming still is the fact some 68 per cent of 50 to 64 year olds heading on the home straight to retirement have no pension plans in place.
And property, the old faithful source of retirement income, is now more shaky after the popping of the property bubble.
Ms Gorringe said: "Consumers have historically relied on their property as their pension. Millions of homeowners have and intended to release equity from their homes to supplement their retirement income with their house being the largest asset they own."
Of the 9.5 million people in the UK over 65, 75 per cent of their wealth is locked up in bricks and mortar.
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