70% of Scots wish they'd started saving for pension earlier

12th August 2014

With auto-enrolment now compulsory for workplace pensions more Scots than ever should be thinking about and preparing for their retirement. A study by TopCashback.co.uk released today, reveals that 72 per cent of Scots now have private or workplace pensions and the majority contribute between five and six per cent of their salary a month to them. Despite this however, 70 per cent of residents in Scotland who started saving for their pensions over the age of 31 wish they'd done so earlier. Other key findings reveal that:

More than half of those with pensions started contributing when they were in their 20's
The majority of residents in Scotland plan to retire in their 60’s
Of the Scots who don’t have a private or workplace pension, 83 per cent don’t have an alternative retirement plan
Men are more likely to have a private or workplace pension than women