Cost of living crisis causing £15,000 retirement losses

Scottish Widows report revealed pension savers are at risk of retiring with £15,000 less

Julia Bahr
clock • 4 min read
Cost of living crisis causing £15,000 retirement losses

In light of the wage stagnation and rising living costs deepening the UK’s retirement income crisis, the average earner in their thirties is set to see their pension pot reduce by £15,000 by the time they retire, according to Scottish Widows.

The firm's latest retirement report revealed that average earners in their 30s who were auto-enrolled in a company pension scheme in 2012 will have potentially contributed £7,000 less by 2024. T...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

Dalriada launches DC tool for AVCs, Clara to switch up to 35% of assets into private markets, and a Hymans Robertson report

Professional Pensions
clock 11 April 2025 • 1 min read
Challenges remain as UK economy beats growth expectations in February

Challenges remain as UK economy beats growth expectations in February

UK economic outlook still 'downbeat'

Sorin Dojan
clock 11 April 2025 • 2 min read
TPR launches videos as part of campaign to get industry dashboard ready

TPR launches videos as part of campaign to get industry dashboard ready

Regulator says many schemes still hold out of date value information

Holly Roach
clock 11 April 2025 • 1 min read
Trustpilot