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29/06/2010 15:38:14

Retirement savings 'hit by recession'

The number of people saving adequately for retirement has dropped since the economic downturn, according to data from one market specialist.

Individuals seeking retirement advice could be among those to rethink their personal finances in the wake of the recession, as savings for later life fall to their lowest level since 2006, reveals Scottish Widows.

A pensions index created by the wealth management group is down six per cent on last year, with savings also declining.

The report shows over-50s - arguably most in need of strong personal finance plans - are hardest hit, with just 38 per cent saving adequately, compared with 52 per cent in 2009.

A recent survey by Lloyds TSB found young people believe saving for the future is important, with almost one in five Britons in their twenties aiming to save up to £3,000 a year.

Twenty per cent of respondents to the Scottish Widows study said they saved less than in the previous twelve months as the economic downturn made it more difficult to put money aside.

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