Pension crisis looms as one in five Britons has no savings for their old age | Personal Finance | Finance

Of those who have saved for their retirement, only a quarter know how much they are saving each month with another one in four not knowing how much they have already saved. 

A survey of 2,000 workers also reveals that just 80 per cent have no idea how much they will need for a comfortable retirement with the remaining 20 per cent guessing they will need £275,000. 

The survey by also discovered that the average person didn’t start paying into a pension until they were 27. 

Around 5 per cent avoid or unable to make any payments until they are in their 40s. 

Two thirds of workers couldn’t even guess how much state pension they might get and 40 per cent didn’t know at what age they’d become eligible. 

However the majority of Brits were hoping to retire by 65. 

But one glimmer of hope thrown up by the survey was that the young generation are more savvy that their parents when it comes to thinking about their retirement. 

The average millennial began paying into their pension at age 23 whereas the over 55s admitted leaving it until they were 30. 

Those working in law enforcement and security currently boast the biggest pensions pots, with £200,000, followed by those in transport and logistics (£123,169) and property and construction (£111,026). 

Those putting aside the least include those in the media, marketing and information research. 

And the job sectors with the most employees with pensions, include law enforcement (95 per cent), science and pharmaceuticals (90 per cent) and insurance (89 per cent), while those in in environment and agriculture, are least likely to hold one (54 per cent). 

The average Brit earns £31,493 and has £17,462 saved for their future but 8 per cent have no money saved at all. 

The poll comes just days after after an official review of the UK state pension scheme suggested the retirement age for men could rise to 68 by 2039. 

The current pensionable age is 63 for women and 65 for men, rising to 65 for both by late…

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