Half of Brits 'not contributing towards a pension fund'

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Half of Brits 'not contributing towards a pension fund'

Thu 28th May 2009

Half of Britons aged between 20 and 60 are failing to add money to a pension fund, therefore risking being seriously out-of-pocket when they reach retirement age, it has been reported.

The poll of 1,358 people conducted by the BBC found that only one-in-three of those aged under 30 pay into a savings fund, while many respondents have stopped contributing to their pensions due to redundancy.

One of the major reasons why youngsters are not saving is due to them having to pay back debts accumulated while at university, the Daily Mail reports.

In the 41 to 60 age category, 45 per cent of respondents said they are currently not saving any money.

The budgeting of Brits may be witnessed in the decline in funds given to their children when they lose their teeth, as The Tooth Fairy Index from Children's Mutual, has revealed that the amount left under a child's pillow has fallen from £1.22 to £1.15 over the last year

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