Majority of UK adults prioritise holiday over pension savings

Cayman IslandsThe poorest generation of retirees in the UK is on the horizon after research revealed that almost no-one is prioritising saving for a pension and many savers give more importance to holidays.

Eighty-nine per cent of the UK population is not prioritising retirement savings and 29% – the equivalent to 14.6 million people – are currently failing to save any money at all.

Avacade Future Solutions, a pensions consultancy which carried out the research, says the sample size for the research was 2,003 UK adults and that the sample is nationally representative of the adult population as the data is weighted to known UK nationally representative profiles for gender, age, region, working status and social grade. This ensures that the sample is an accurate reflection of the UK population, Avacade says.

Twice as many adults (23%) are prioritising a holiday than are looking to save towards their retirement (11%).

Lee Lummis, managing director, Avacade Future Solutions, says: “The fact that 89% of the UK population are not prioritising their pension and that 14 million people in the UK are not saving at all calls for immediate industry action to prevent what could be the poorest generation of retirees in our lifetime.”

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