Midlife crisis for a million with no pension savings

More than a million Britons are facing a midlife savings crisis as they approach the age of 40 with nothing saved for retirement.

Among 35 to 39 year olds, 33% have no pension cash saved, despite approaching the mid-point of their working lives, a survey for the pension provider Zurich found.

The figure equates to 1.3 million Britons in the age group if the findings were projected across the country. Meanwhile, 37% of 25 to 34 year olds who took part in the YouGov survey said that they are not saving into a pension, equating to about 3.2 million.

The government scheme to enrol people automatically into workplace pensions is continuing to roll out, having started in 2012.

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