21 January 2025, 19:02

By Chris Eastwood

There are few things the average Brit wants to talk about less than pension savings. I get it, believe me.

Not only do most of us tend to recoil from conversations about money at all, but saving for retirement can feel a very long way off when we’re young. Similarly, as everyday expenses and one-off costs come up and we grapple with a cost-of-living crisis, long-term savings will understandably get bumped down the priority list.

There’s only so long we can do this, however, before we’ll be forced to live with the consequences. And they may not be pretty. Figures out today show that the percentage of those on track for a moderate retirement has fallen in the past six months, due to inflation outstripping pension savings.

The Hargreaves Lansdown figures show that the average household’s savings are £31,546 short of the amount needed to give people a moderate standard of living in retirement.

Even more concerningly, the Institute for Fiscal Studies has been sounding the alarm for some time now that many of us will retire with inadequate savings to support even a modest standard of living.

It's against this backdrop that many of us are........

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