Nearly half of UK adults not saving enough for retirement

Almost half of all adults in the UK are not putting enough money away for retirement, Scottish Widows has warned. According to figures from the group, this problem is particularly acute among young people, with seven in ten 22 to 29-year-olds not saving adequately for later life.

Catherine Stewart, Retirement Expert at Scottish Widows, acknowledged that for people in their 20s, retirement may feel like "a long time away". However, she said the earlier people start saving, the easier it will be to ensure they can enjoy those later years, without having to worry about how to buy food or pay bills.

Ms Stewart added that the research should act as a wake-up call to those who are in work and "still have the opportunity to affect how they'll spend their later years". She stated that while the state pension is a "welcome supplement" to an income in retirement, it is not enough for a comfortable life on its own.