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Bank Loan: A third of over-50s 'unprepared' for retirement

A third of Britons over 50 have not saved anything towards their retirement, according to new research.

A report by financial services firm MetLife Europe found that 32 per cent of workers aged over 50 have not contributed anything towards their pension.

Furthermore, while a quarter of respondents claimed they were financially ready for retirement, around two thirds said they were either unaware how much they would have when they retired, or believed they would have an insufficient pension pot.

Ros Altmann, director-general of Saga and a former government pensions adviser, labelled the situation as a "national scandal"

She told the Daily Mail: "The root cause is that the state system undermines private pensions and because of so many scandals and so much complexity, people have just lost faith in pensions and nothing that the government has done so far has rebuilt that.

"If people don't save now they won't have anything to spend later. In the long run, it's in all our interests to have an ageing population with savings otherwise there will be too many people in poverty."

Posted by Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking ADNFCR-2776-ID-800236869-ADNFCR

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