Over 50s savings 'hit hardest by recession'

Over 50s are seeing their contributions to pension and retirement savings seriously affected during the recession, according to a new report.

Research conducted by Scottish Widows on average savings contributions has revealed that over 50s are the group hit hardest this year, with 21 per cent saving less in 2009 than they did the previous year.

Women over 50 have been affected particularly badly, with the rate of older women not saving at all increasing from 14 per cent to 22 per cent.

Ian Naismith, head of pensions market development for Scottish Widows, said: "It seems that many women over 50 have almost given up on saving for retirement. While people may be worried about their current financial situation they need to make sure they continue saving."

Last month, research conducted by Key Retirement Solutions revealed that an increasing number of over 50s are having to continue working well past retirement age due to their insufficient pension provision.

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