Tackling the Gap

The True Potential Savings Gap Survey was commissioned by True Potential LLP and conducted by an independent market research specialist in March 2015.

Headline Statistics

Traditional cash savers have faced further stagnation with interest rates held at 0.5 per cent since March 2009 The figures come as our research reveals worryingly high numbers of people saving nothing for their retirement.

Fifty-four per cent of those we asked have been unable to contribute anything towards their savings and pensions pot over the last three months, with the average Briton saving £1,640 and taking on £1,849 of new debt in that period. That leaves net debt of £70 per month, compared to a saving of £158.20 per month in the previous quarter.

£1,849 has been taken on in new debt in the last three months on average
eclipsing The average savings of £1,640 put into retirement funds.

The number of Britons are currently saving nothing for retirement.

The amount per day that a 35 year old starting to save for a pension now would need to save to retire at 60 with a comfortable pension of £23,457-a-year.

The average amount over 55s intend to withdraw from their retirement fund through income drawdown this tax year.

The number of Britons are currently saving nothing for retirement.

The amount per day that a 35 year old starting to save for a pension now would need to save to retire at 60 with a comfortable pension of £23,457-a-year.

PENSION FREEDOM