Recently, the Pensions Commission said that 15 million people in the UK aren’t saving enough for an easy retirement. That figure could rise to 19 million over time, they added.
Up to 45% of working-age adults aren’t paying into a pension at all, they added, risking a financial “cliff edge” for ageing populations.
Scottish Widows found that just under a third of UK adults are at risk of “pension poverty”, too.
Here, we asked Brian Byrnes, director of personal finance at Moneybox, whar the term means, as well as how to lower your odds of “pension poverty” from your 20s up to your 60s.
What is pension poverty?
Bynes said that it’s not always as easy to measure as you might imagine.
“Pension poverty is...
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