Britons: rubbish at pensions

12 September 2014

pensioner Around most half of Britons who are not yet retired aren't very good at preparing for the winter of their lives, according to some musings by the Office for National Statistics.

These figures show that 45% of men and 49% of women did not have any private pension savings, which means in the future, there's going to be a lot of old people complaining about freezing to death while living in a McDonald's bag on a hard shoulder, on social media.

Barnett Waddingham's senior consultant Malcolm McLean said: "The figures released by the ONS this morning paint a worrying picture of the state of unpreparedness for retirement of a significant proportion of the working age population."

'Unpreparedness' there. We were hoping he would've gone for 'unpreparedity' or something. Anyway, the there seems to be some areas of employment where people are more clued-up about their future years in the wilderness.

In the accommodation and food service industries, 95% of men and women didn't pay into a private pension, while those working in public administration, defence and social security, only 7% of men and 9% of women choosing not to contribute to a private pension.

McLean continued: "This illustrates how important that particular government initiative is to secure an improvement in this situation. Not surprisingly perhaps, wealth is also unequally distributed - with those households with a private pension being seven times more better off than those without."

So there you have it. Stop buying Maoams and cans of gin and tonic and go sort yourself out a pension.

TOPICS:   Banking   Economy

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment