According to a Scottish Widows report, almost two in five people (39%) may not cover their basic retirement needs.
The expected result has worsened compared to 2023, while a little more than a third (35%) of people were about to have a minimum retired lifestyle.
According to Scottish Widows, the levels of retirement savings did not follow the rate of the increase in the cost of living, which published research.
Employees with low and average income and people under the age of 40 may be particularly risky not to have a retirement lifestyle which even covers their basic needs, warned the report.
People who identify themselves like LGBTQ +, people with disabilities and people of black communities are probably not on the right track for a minimum retirement lifestyle, according to the report.
Part -time workers and self -employed workers are more likely to deal with less good retirement results than full -time workers, says research.
The report also highlighted the costs of housing as an important obstacle to the achievement of basic retirement results. Some people can deal with mortgage payment or retirement rent, high housing costs, which also makes people more difficult to save people.
Differences in retirement perspectives through the United Kingdom have also been found.
The proportion of people estimated at the right track to have at least one minimum retired lifestyle varied by just over half (52%) in Northern Ireland and in northeast England to more than two thirds (68%) in eastern England.
Scottish widows joined Frontier Economics and used a Yougov survey with more than 5,100 people across the United Kingdom in January and February.
Researchers also used the retirement levels set out by pensions and Lifetime Savings Association (PLSA). The standards have been developed to help pension savers to imagine the type of lifestyle that they may have retired and establishes three pension standards – basic, moderate and comfortable.
The Scottish widow report has indicated that a little more than a fifth (22%) of people through the United Kingdom could end up with a minimum retired lifestyle-which would mean having enough money to cover basic needs, with money for non-end.
One in 12 (8%) is on the right track for a moderate lifestyle – which is the next step and would mean having more financial security and hiking in their budget.
It is estimated that three out of 10 (30%) are on the right track for a comfortable retirement lifestyle – which is the richest of the three retirement lifestyles, with more financial and space for luxuries.
Pete GLENCY, head of pension policy at Scottish Widows, said: “Our research could not be more timely, speaking to which the crucial targeted measures prevent millions of people from living in poverty in the years to come.”
He added: “For the moment, the challenge is to help people get the most out of what they have. It is essential to make sure that people feel financially authorized to make informed decisions and to take proactive measures for their future – with a strong feeling of financial independence playing a key role.”
– Here are the proportions of people who are estimated on the right track for at least the minimum standard of living in PLSA retirement in countries and regions of the United Kingdom, according to Scottish widows:
Northern Ireland, 52%
Northeast, 52%
Southwest, 54%
Wales, 56%
West Midlands, 58%
London, 59%
Northwest, 59%
Scotland, 61%
East Midlands, 64%
Yorkshire and The Humber, 66%
South-East, 66%
East of England, 68%