47% of women who are not retired (8.7 million) in Great Britain have no pension savings, according to new research from Baring Asset Management (Barings).
The proportion of women without a pension fund is increasing year-on-year. The corresponding figures in 2009 and 2008 for women who have yet to retire were 40% and 39% respectively.
One in five aged 55 to 64 has no pension fund
The most worrying research finding is that more than one in five (22%) non-retired adults aged 55 to 64 do not have a pension fund at all. Four out of 10 people aged 25 to 34 don’t have a pension plan, while the figure for those aged 35 to 44 is one in three (32%).
Baring’s research also indicates that there are over one million people aged 65 or over who have not yet retired, but it warns that this number could increase dramatically as a result of so many people not having pension plans.
Unsurprisingly given these figures, 12% of non-retired people plan to use their property as their pension. The corresponding figure in 2009 was 8%.
North West is least-prepared region, Wales is the best
On a regional basis, Barings’ research reveals that 47% of people in the North West are without a pension plan – the highest percentage for any part of the country. The corresponding figure for Wales is 27%, the lowest for Britain.
Percentage of people yet to retire who don’t have a pension plan:
- North West 47%
- Eastern 44%
- London 44%
- East Midlands 41%
- South East 36%
- West Midlands 35%
- Scotland 35%
- North East 34%
- Yorkshire and Humberside 31%
- South West 30%
- Wales 27%
Plan for your retirement
If you want to save for later life but don’t know where to start, read the Which? guide Planning your retirement. This handy guide includes a retirement countdown, showing the steps you need to be taking at each lifestage to ensure a comfortable retirement, as well as details of the state pension, alternatives to pension funds and useful contacts.
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