Scottish Widows pensions hit by recession

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Scottish Widows pensions hit by recession

Tue 29th Jun 2010

Scottish Widows pensions have noted some effects from the recession hitting the amount of cash that people are willing to save, the company has announced.

The Scottish Widows Pension Index found that the total number of people who are putting aside adequate savings for their future has hit 48 per cent, a drop of six per cent on the number doing so in 2009.

In addition, 21 per cent of people who the provider believes have the ability to save and should be doing so are not putting any extra cash aside.

Overall, women are saving the least amount of money for later life, with just 43 per cent saving enough for the future compared with 47 per cent last year.

The news follows a call from Caledonia Asset Management for all individuals to be forced to join up to some form of retirement savings plan.

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