The Government must do more to encourage retirement saving, according to 87 per cent of Brits in a Hymans Robertson survey.

The independent benefits and investment consultant found in a survey that the most critical of the Government are, unsurprisingly, those with household incomes of £150,000 or more, following particularly harsh changes in the Budget 2009.

Seven out of ten respondents also believe they are not saving enough for their retirement, especially the 16-24 year olds at 83 per cent, compared to 65 per cent of those aged 55 and over.

Regionally, Sheffield came out on top in the list of worriers about inadequate retirement provision, with only 15 per cent saying they are saving enough, compared to 25 per cent of Londoners. Brighton has the most confident savers, with 51 per cent saying they are saving enough for their retirement.

"The recent budget has made retirement saving, especially pensions, more complex and less attractive for many people, and whilst these measures might have been focused on the wealthy they are having a knock-on effect on all workers," commented Patrick Bloomfield, partner at Hymans Robertson. "With an increasing number of companies shutting defined benefit pension schemes and property prices still low, it is crucial that the Government encourages people to look at a variety of ways to save money.

"Our survey results show that the Government has a great deal of work to do to encourage people to save for retirement. While we acknowledge that in the last decade of low interest rates Britons have become more accustomed to retail spending and property investment, the time has now come to make savings attractive and fashionable," Bloomfield concluded.

The research was carried out online on Hymans Robertson's behalf amongst 2016 UK adults aged 16 plus.

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