Government not doing enough to help Brits save for retirement

Almost nine out of ten Brits (87%) believe that the Government is not doing enough to encourage people to save for their retirement, according to a survey commissioned by Hymans Robertson, the leading independent benefits and investment consultant. Those with household incomes of £150,000 or over are most critical of the Government, having been especially hard hit by the recent Budget changes.

Seven out of ten believe they are not saving enough for their retirement. This is particularly true amongst younger people, with 83 per cent of 16-24 year olds agreeing compared to only 65 per cent of those aged 55 and over.

The city of Sheffield is the most worried about inadequate retirement provision, with only 15 per cent believing they are saving enough compared to 25 per cent in London. Residents in Brighton were most confident with 51 per cent saying they are saving enough.

Patrick Bloomfield, partner at Hymans Robertson said: "The recent budget has made retirement saving, especially pensions, more complex and less attractive for many people, and whilst these measures might have been focused on the wealthy they are having a knock-on effect on all workers. With an increasing number of companies shutting defined benefit pension schemes and property prices still low, it is crucial that the Government encourages people to look at a variety of ways to save money.

"Our survey results show that the Government has a great deal of work to do to encourage people to save for retirement. While we acknowledge that in the last decade of low interest rates Britons have become more accustomed to retail spending and property investment, the time has now come to make savings attractive and fashionable."