Many Brits 'failing to save for retirement'

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Many Brits 'failing to save for retirement'

A growing proportion of individuals across the UK are failing to make a concerted effort to put money aside for their golden years as a result of the ongoing economic downturn, it has been revealed.

According to research carried out by Nationwide, 95 per cent of workers under the age of 35 are not presently saving towards their retirement, while a third of this group say they are putting any spare money towards a deposit for their first home instead.

Richard Marriott, Nationwide's head of savings, said: "Encouraging young people to adopt a savings habit early on is vital. Just putting aside a small amount on a regular basis can make a huge difference."

The news follows comments by Justin Modray, a spokesman for candidmoney.com, who recently claimed pay freezes will be a continued reality for many people across the country for at least the next year - meaning household finances are set to be stretched further, making saving even more difficult than it is at present.

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