Nearly one third of Brits not saving for retirement

Almost one third (30.6 per cent) of Brits are not currently saving for retirement, a study conducted by Money.co.uk has revealed.

The study, which surveyed 2,000 Brits on their saving habits, revealed that 64.7 per cent of respondents were currently saving for their retirement.

Money.co.uk’s survey additionally detailed retirement saving by age group, discovering that 69.7 per cent of 25–34-year-olds were saving for retirement, the highest percentage of any age group.

This was ahead of the 35–44-year-olds, as 67.5 per cent of respondents in this age group stated they were saving for retirement, 45–54-year-olds, 62.1 per cent of which were saving, 55-64-year-olds at 64.2 per cent, and over 65s at 54.1 per cent.

The group that had the lowest number of people saving was found to be 18–24-year-olds as 48.9 per cent of respondents from this age group stated they were saving for retirement.

However, Money.co.uk’s pointed out that the 18-24 age group (Gen Z) was “three times” more likely to save for retirement before the age of 20 compared to Millennials aged 25-34, as 18.6 per cent of Gen Z started saving for their retirement in their teenage years compared to 6.5 per cent of 25–34-year-olds.

Additionally, auto-enrolment contributions don’t start until age 22, which, according to Money.co.uk, suggests this young age group are “particularly money-conscious by putting money aside independently”.

The survey also revealed that over two thirds (67.4 per cent) of Brits started saving for retirement before they reached the age of 30 and that the majority of Brits (32.7 per cent) started saving between the ages of 20 and 24.

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