New study suggests UK workers have concerns about their retirement savings

A new study into the attitudes of workers has found that around 40 per cent of people across Britain are worried about their ability to retire comfortably.

The fear is not surprising as 13 per cent of the 950 people surveyed said that they had no pension savings at all, while a quarter admitted to having no idea how much they had saved and 36 per cent of pension holders saying they had not worked out how much they needed to retire.

An unexpected outcome from the survey was that more than 40 per cent of those questioned believed Brexit would have a negative impact on their pension pot.

Only 17 per cent of people end up with a pension pot of £300,000 or more to live off in retirement, according to the findings from Aegon.

According to the latest figures from the Department for Work and Pensions around 84 per cent of people are putting money into a pension pot (thanks in part to auto-enrolment) – up by 29 per cent from 2012. The annual amount saved into pensions has also increased by five per cent to £90.3 billion in 2017.

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