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Britons saving £137 a month into pensions

Britons saving £137 a month into pensions

Category: Pensions

Updated: 22/11/2011
First Published: 20/09/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britons are squirreling away an average of £137 a month into their pension pots, although habits differ across the nation.

Since the beginning of the economic downturn, the importance of building up a decent sized nest egg for retirement has become ever-more acute.

And it is people in the West Midlands who have best taken to the task, saving £172 a month towards their pensions - £35 more than the UK average, according to Standard Life.

The region where the least is saved a month is the North East, where an average of £102 is put away, followed by Scotland, where people put an average of £110 aside into their pension each month.

The amount Britons are putting into their pensions is directly affected by their other financial commitments.

Overall, those in Wales have more regular financial commitments, such as mortgages, rent and utility bills, than any other region.

Yet they still spend £84 less on these each month than people in London who have the fewest.

On average, Londoners spend £1,056 a month on their regular financial commitments, with their mortgage making up the lion's share of this at £814 a month on average.

Saving for retirement is set to be thrown into the spotlight in the near future as the Government starts to phase in its auto-enrolment programme.

To be introduced next year and fully rolled out by 2016, NEST will offer pensions to workers who are not currently offered a scheme by their company.

Unlike the current system where employees opt-in to pension schemes, the new pension programme will see people automatically enrolled, meaning they will have to opt-out.

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