British adults 'not saving up for pension'

Many over 50s who are still in full-time employment may find it difficult to fund their retirement, new research has suggested.

According to Lincoln Financial Group, about 12 million adults in the UK are not making any contribution to a pension pot.

This has been partly attributed to the economic downturn, as people's finances have become increasingly stretched in recent months.

Indeed, almost half of those who are currently not saving for a pension said this is because they need their money to cover day-to-day living costs.

However, the organisation has warned that if people push pension contributions to the bottom of their list of priorities, this will impact on their retirement income.

"People need to make sure they are putting money aside for their later years," said Simon O'Connor, head of products and marketing at Lincoln.

He added that this is particularly important, as life expectancy levels in the UK are on the up.

According to the most recent government figures, the average life expectancy of a British male is 77.2 years, compared with 81.5 for women.

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