Research carried out by insurance provider Aviva has suggested that many older workers are struggling to save for a comfortable retirement.
Aviva found that 18% of workers in their fifties and sixties are ‘unable to save anything for retirement’, with two in five older employees describing themselves as ‘occasional’ or ‘absent’ savers.
49% of employees in their fifties have not yet calculated how much money they will need to retire, Aviva found.
The research also revealed that 60% of older workers are yet to build upon their savings as they approach retirement age.
Lindsey Rix, Managing Director of Savings and Retirement at Aviva, said: ‘It is worrying to see so many of the UK’s older workers in the dark over how much they need to save to afford a comfortable retirement.
‘As the cost of living creeps up and wage growth continues to slow, saving for retirement in the current climate is particularly challenging.
‘These findings show the importance of industry and government taking action to help consumers become better informed and active savers.’