Scotland is sitting on a pensions timebomb after a new survey revealed fewer than half of adults are saving enough for retirement.
A survey carried out on behalf of Scottish Widows found 13% of Scots are not saving any money at all for when they retire, while 39% are not saving enough, more than triple the UK average of 14%.
Despite the majority of people not making adequate savings, the survey of 5,200 people across the UK, including 400 in Scotland, believe they will need a greater income than ever before to live comfortably during retirement.
The average level of annual income Scots would feel comfortable living on at 70 years old is now £24,500, up from £22,600 in 2011.
Under average savings levels, the average Scot who retires at 65 would receive less than half this annually.
The total pot for an average saver would be around £117,000 in today’s terms, which might provide an annual pension of just £3,700.
With the addition of the state pension, this would generate a yearly income of approximately £11,200, falling drastically short of the £24,500 annual income Scots are looking for.
