UK adults failing to make pension provisions

Considerable numbers of adults are found not to have pensions in place, research shows.

It seems that adults throughout the UK are in need of pension advice, as research reveals that millions do not have a financial safety net for later in life.

Around 38 per cent of British adults are believed not to have a pension, with 1.4 million of them over the age of 55, Baring Asset Management found.

Nearly half (47 per cent) of people aged between 25 and 34 have not set up a pension as they instead focus on clearing debts and getting a foot on the property ladder.

Marino Valensise, chief investment officer at Barings, commented: "It is highly likely that for those approaching retirement age, continuing to work indefinitely will be mandatory given they have no other income streams."

Additional figures show that 52 per cent of working people have a final salary pension provision in place, with slightly more women than men having made plans for the future.