Brits taking pensions saving gamble

13 February 2006
Over a fifth of British workers are still not saving for their retirement years, according to the latest survey from Virgin Money.

The news comes despite continuing campaigns from the government and pensions industry to warn people they must save for their retirement to avoid having an inadequate income.

Sir Richard Branson, chairman of Virgin Money, said: "Stakeholder pensions make it very easy for people to start saving for their retirement and yet millions still aren’t saving anything at all."

Despite the fact that some eight million Britons are not saving for their retirement 42 per cent believe that the retirement age should be 60.

Furthermore, the poll found that over 80 per cent of people hadn't heard of A-day, which the government had hoped would raise pensions awareness among the public.

But those who continue to ignore the calls to save for their retirement could find themselves with little to live on come old age.

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