Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Almost half of British public save less than £50 a month, shows new research

And two thirds worried they’re not saving enough for retirement, especially women 

Just under half (48%) of the UK’s adults claimed they are saving less than £50 a month, according to a recent survey of 2,000 members of the British public.

Frazer Fearnhead, CEO and Founder, The House Crowd
Frazer Fearnhead, CEO and Founder, The House Crowd

The survey,conducted by peer to peer lending platform, The House Crowd, also revealed that just one in tenare able to save £500 or more on a monthly basis.

Additionally, the research shows a lack of confidence in saving for retirement. Only a third believe they’re putting away enough for the future, although this concern is significantly greater for women (42%) than men (24%).

For those moving closer to retirement age, preparation is also surprisingly lacking: only 22% of adults aged between 45 and 54 think they are saving enough, compared with 35% of those between 55 and 64.

Commenting on the findings, Frazer Fearnhead, founder and CEO of The House Crowd, said:

“The state of retirement planning in the UK is, quite frankly, shocking. People are not saving nearly enough – and in many cases they’re leaving it much too late. With current levels of economic uncertainty, along with the potential of inflation to erode interest on certain types of savings account, it’s more important than ever for savers to explore a diverse range of secure and reliable investment options to support their pension saving efforts.”

The House Crowd’s research also asked savers how much they know about their workplace pension schemes. Roughly a third (34%) said they don’t know how much their employer currently contributes towards their pension or retirement savings plan. Millennials (aged between 25 and 34) boast the best levels of awareness.

Despite recent changes to auto-enrolment pension contributions, nearly half (48%) said they haven’t checked their account once since the scheme first launched in October 2012. A greater number of men (27%) have checked their account than women (17%). However, 31% admitted they don’t know what auto enrolment is to begin with.