The International Longevity Centre has reported that to achieve an adequate income during retirement 18% of earnings must be saved. If you wish to equal the adequacy that is currently enjoyed by retirees, 20% of earnings must be saved. In the UK it was found that only 12.4% of people surveyed were saving over 15% of earnings, and more than 30% of people between the age 25 and 44 had no savings whatsoever. According to ILC UK assistant economist Dean Hochlaf, a combination of savings behaviours, income adequacy, and the economic environment means today’s young people will need to save more to enjoy their retirement.
