United KingdomRuth Davidson highlights the growing issue of under-saving for retirement in the UK, citing data from the Pensions Commission which reveals 15 million people are under-saving. Despite measures like the 'triple lock' on the state pension and auto-enrolment, pensioner poverty has increased over the past decade. The report indicates that 45% of working-age adults do not save into a pension, with self-employed individuals and younger workers facing even greater challenges. A 'comfortable' retirement requiring £45,400 annually for a single person is currently out of reach, as the maximum state pension is only £12,547.60. Wealth manager Quilter estimates that a personal pension pot of £691,000 would be needed, but median pension pots for those nearing retirement are significantly lower at £137,800. The lack of financial literacy, advice, and open discussion around pensions is identified as a major barrier.
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