Business News 21 Feb 2013

UK workers 'failing to prepare' for retirement

UK workers are the least well-prepared for retirement, according to a recent global study of retirement planning.

The research, which covered 15 countries in total, found that UK workers are likely to face significant cuts in their standard of living in retirement, with the UK facing a 12-year retirement savings shortfall compared with an average savings gap of eight years in other countries.

A third of UK workers reported that they are not saving anything for their retirement, while two thirds expressed concerned that they will face hardship in their retirement years.

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