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International Business Times UK

Brian Yalung

Millions of UK Workers Face Retirement 'Cliff-Edge' — Britons Cashing Out Early, Saving Too Little or Nothing at All

the Pensions Commission Pensions Commission Elizabeth Anderson

Workers are urged to increase retirement savings beyond minimum contributions, as employer contributions are too low for a secure future. (Credit: SHVETS production | Pexels)

The Pensions Commission has sounded the alarm for individuals, urging them to do more to save for retirement. In an interim report published on 19 May, it found that many people are not saving adequately and face the risk of a severe financial cliff-edge once they retire.

According to its estimates, roughly 15 million people are under-saving for retirement. It added that, if not addressed, this number could rise to as many as 19 million.

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