Lincoln study finds 12m adults 'unable to fund pension'

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Lincoln study finds 12m adults 'unable to fund pension'

Mon 15th Jun 2009

Around 12 million British adults cannot afford to contribute funds to their pensions, the results of a new study show.

Carried out by the Lincoln Finance Group, the poll revealed that of the 26 per cent of adults not saving for their retirement, 48 per cent revealed it is because they need the extra money for day-to-day expenses.

A further 23 per cent admitted their lack of pension contributions is due to them being weighed down by current loan repayments and 17 per cent said they are too concerned over the fragility of the economy to put money aside.

"Clearly people's finances are stretched at the moment. Unfortunately, this can lead some people to push pension contributions to the bottom of the priority list," commented the head of products and marketing at Lincoln Finance Group Simon O'Connor.

Data from the National Office for Statistics last month showed that people earning a weekly wage of up to £300 are less likely to contribute to a pension than those on higher wages.

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