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October 18, 2011updated 13 Apr 2017 8:47am

UK retirement savings go out the window

UK consumers are under heavy pressure and it is showing in one of the worst ways possible: deferment, or even abandonment, of saving for retirement According to the UK life insurer, 35% of British adults who are yet to retire have stopped paying into their pension savings programmes

By LII editorial

UK consumers are under heavy pressure and it is showing in one of the worst ways possible: deferment, or even abandonment, of saving for retirement.

This is the worrying finding of a national survey conducted by Prudential.

According to the UK life insurer, 35% of British adults who are yet to retire have stopped paying into their pension savings programmes.

One in three of those who have put pension payments on hold have done so because they are out of work while 27% say that they can no longer afford the contributions.

Even more concerning is that 43% of consumers who have stopped paying into their pension savings programmes stated that they do not plan to start saving again.

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