One in seven over-40s have no retirement savings

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1. One in seven Scots over the age of 40 have no retirement savings, researchers have found.

Glasgow was the area with the poorest record, with 20 per cent admitting to having no pension or other financial plan for their retirement. Highlands and Islands was next on the list at 15 per cent, while both west Scotland and mid-Scotland and Fife were at 14 per cent.

The research was carried out by Diffley Partnership on behalf of Phoenix Group, the savings and retirement specialist which owns Standard Life. The Pensions and Lifetime Savings Association has estimated adults should have about £300,000 of savings to ensure a “moderate” standard