Failing to save for retirement

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A GENERATION of South Yorkshire workers are facing a cash-strapped retirement as they refuse to save more in response to the changing pensions landscape, a report has indicated.

People who are yet to retire know they will live for longer than previous generations and understand company pensions are likely to be less generous when they retire, according to HSBC.

But despite this, and the fact that many hope to switch to a part-time job in their 50s and stop work completely by the age of 62, only 39 per cent of people have a financial plan to ensure they have the necessary retirement income.

A further 68 per cent of people admit they are worried that they are not financially prepared for when they stop work.