Survey: Three-quarters of workers not saving enough for a decent retirement

A new survey reveals that three-quarters of workers are not on track to achieve a reasonable standard of living in retirement. To maintain a modest living standard in retirement, a single person needs £32,700 per year, while a couple requires £45,400 annually.

A new survey published in the UK highlights a concerning reality: the vast majority of workers are not accumulating sufficient pension savings to ensure a reasonable standard of living in old age. Three-quarters of workers are currently on a trajectory that will leave them in a difficult financial situation during retirement.

According to the survey, maintaining a modest lifestyle in retirement costs £32,700 per year for a single person. For couples living together, this figure rises to £45,400 annually. These figures provide a clear picture of the financial buffer needed to live in retirement without serious financial worries.

The report emphasizes that the pension savings gap is a widespread problem affecting workers across different sectors and income levels. According to experts, one of the main reasons is that people start saving for retirement too late or do not contribute enough on a regular basis.

Pension system experts recommend that workers review their savings habits and consider increasing their contributions as soon as possible, as interest accumulated over time plays an important role in the growth of retirement savings.