People in the UK 'saving less for retirement'

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The rising cost of living in the UK has lead to people saving less for retirement, according to a new survey.

Research by the financial services company Edward Jones found that 43 per cent of people have reduced the amount they are putting away for the future due to rising petrol and food prices.

It was also found that around 23 per cent of those surveyed have not actually started saving money for their later life.

Andrew James, retirement planning manager at Edward Jones, said the findings were a "big concern".

He explained: "If this trend continues then we are just storing up even more problems for the future.

"Those in their late 40s and 50s really do not have the time to make up for any missed contributions so we believe it's vital for their long term financial futures that they keep saving."

Recent research by Alliance Trust claimed that pensioners in the UK are the group hardest hit by the rising cost of living.

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