Scottish Widows: Over-50s most likely to cut savings

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Scottish Widows: Over-50s most likely to cut savings

New research from Scottish Widows has found that those aged over-50 are the most likely to have been forced to reduce the amount they save due to the recession.

The latest survey carried out by the group found that 21 per cent of over-50s saved less in the last 12 months than they did during the previous year.

It also discovered that 36 per cent of those polled said they cannot afford to save any more money than they currently are.

Head of pensions market development for Scottish Widows Ian Naismith pointed out that 19 per cent of people capable of saving are currently not able to put anything aside.

He added: "There is still more that needs to be done from both the government and the industry to better encourage pensions savings for the long term, particularly in the current economic environment."

Earlier this week, a survey conducted by LV= found that 6.7 million Brits would rather dip into their savings than cut back on day-to-day expenditures.

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