One in five (20%) employed people do not have a pension, as the cost of living continues to affect later life savings, Flagstone has revealed.

The firm’s research found that the cost of living crisis has led to more than a fifth of British adults borrowing money because of the increased cost of living in 2023.

Looking toward retirement, Flagstone revealed that one in six (16%) of over-55s have no saving pensions as yet, with 69% of 55-65-year-olds having less than £100,000 in their long-term savings.

When it comes to planning for retirement, the cash deposit platform revealed that over two thirds (68%) of Brits have not thought about how many years of retirement they need to fund.

When addressing what people are looking for achieving a "comfortable retirement", independent financial adviser, Alan Tytherleigh, said: "Inflation is the silent force that quietly erodes the value of your savings and can have the same impact on your pension fund. When we were children, the cost of a chocolate was far less, with it likely being bigger as well.

"In the same vein, your pension pot needs to offset this silent force and grow over and above the rate of inflation, to ensure you have the same spending power when you retire.

"Investing your pension in suitable investments ensures it has the capability and capacity to grow more than inflation over the long term and shield against inflation's impact."

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