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'Significant cuts' for retirement

UK workers are having to make "significant cuts" to their living standards to prepare for retirement. With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.

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One in three saving nothing for retirement

On average, men in the UK have just under £73,000 in retirement savings, while women had around £20,000 less.

The UK has just over a third of the average retirement covered by savings.

  • One in three of more than 1,000 people surveyed in the UK said that they are saving nothing at all for their retirement
  • Two-thirds fear financial hardship, compared to just over half of people globally
  • Of those not saving for retirement in the UK, three-fifths said that high living costs are holding them back
  • Those aged 35-44 say they felt particularly squeezed

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