Overview
- The latest Scottish Widows report finds nearly a quarter of working‑age people are not saving for retirement and more than a third are not on track.
- The study highlights a knowledge gap, with around a quarter lacking confidence in managing pensions because they do not understand how schemes work.
- A Chest survey reports two in five 18–34 year olds are skipping pension top‑ups due to competing priorities such as housing and rent, and one in three now seek guidance from social media.
- Scottish Widows warns that poor planning could leave many among an estimated 15.3 million people at risk of poverty in retirement, urging steps like tracing old pots and considering additional investments.
- Context from other bodies underscores the stakes, with the PLSA citing pots of about £605,000 for a moderate lifestyle and £838,000 for a comfortable one, and Living Wage Foundation data showing 54% of low‑income pensioners already struggle with bills.