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ARTICLE · 29 NOVEMBER 2015

The £350 Billion Question: Who Will Educate People About Pensions?

Deloitte
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Most people don't want to think about how they are going to fund their retirement. It can be a scary proposition: you need a lot of money to retire these days.

United KingdomEmployment and HR
Jamie Partridge
Jamie Partridge
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Most people don't want to think about how they are going to fund their retirement. It can be a scary proposition: you need a lot of money to retire these days.

But that's creating a huge challenge for the future. Deloitte's analysis for its Funding our Future report found the current long-term savings gap – the additional annual savings UK citizens must make to maintain their lifestyle in retirement, solely from pension income – stands at £250 billion; £8,000 for every single person in the UK.

In Scotland, the situation is even more acute. Despite having the third highest gross annual earnings among the UK's regions, we have the joint lowest property wealth and second lowest financial wealth for people to access in their retirement. 

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