A STUDY by TopCashback.co.uk reveals that around two-thirds of West and East Midlands residents now have private or workplace pensions and the majority contribute between five and six per cent of their salary a month to them.

Despite that, more than three-quarters of those who started saving for their pensions over the age of 31 wish they had done so earlier. Other key findings reveal that:

  • More than half of East and West Midlands residents with pensions started contributing when they were in their twenties
  • Of those who do not have a private or workplace pension, 91 per cent do not have an alternative retirement plan in the West Midlands nor do 82 per cent in the East Midlands
  • Men without pension schemes in the West Midlands are more likely to worry about it than women, while women are likely to worry more so in the East Midlands
  • The majority of West and East Midlands residents plan to retire in their sixties