Two-thirds are not saving for retirement

by BECKY BARROW

Last updated at 08:30 27 February 2007


Less than a third of Britons are regularly putting aside any money for retirement, with an international survey of saving habits putting the UK in the bottom half.

Despite an ageing population, the UK is leagues behind even countries with relatively nascent economies such as India and China when it comes to saving for the future.

Out of 21 nations surveyed, the UK came 13th, with only 31.8 per cent of Britons regularly putting aside money, through pensions or savings.

The top spot was taken by Hong Kong, where more than three-quarters saved regularly, and India (67.7 per cent) occupied second place.

The UK trailed behind Germany, Italy, the U.S., Spain, Ireland and Australia.

New European Union entrant Romania came bottom of the survey, with only 12.1 per cent saving for their retirement.

The findings reinforce warnings that many Britons will have to work past the usual retirement age or risk poverty.

The Aviva report also found that over half of Britons hope their home will help to fund retirement, prompting the authors to warn against having all savings 'under one roof'.

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