Warning over -life saving crisis

The figure equates to 1.3 million people not having saved for their later years
The figure equates to 1.3 million people not having saved for their later years

More than a million people in the UK are facing a “mid-life savings crisis” as they approach the age of 40 with nothing saved for retirement, research suggests.

One in three (33%) 35 to 39-year-olds have no pension cash saved, despite approaching the mid-point of their working lives, a survey for pension provider Zurich found.

The figure equates to 1.3 million Britons in the age group not having saved for their later years if the findings were projected across the country.

Meanwhile, 37% of 25 to 34-year-olds who took part in the survey by YouGov also said they are not saving into a pension - equating to about 3.2 million people.

The Government’s landmark scheme to automatically place people into workplace pensions is continuing to roll out, having started in 2012.

The policy was introduced to address under-saving with fears that many people were not putting aside enough for retirement.

So far, more than six million people have been signed up, but concerns have been raised that the amounts being set aside will not be enough to give people the living standards they are likely to want in retirement.

Previous research into auto-enrolment has found that workplace pensions take-up has been particularly strong among younger workers.