Those about to retire prove shy of saving

FOUR out of ten people approaching retirement fail to save any money each month, while a fifth still owe more than £75,000 on their mortgage, according to insurer Aviva.

People aged between 55 and 64 have lower savings levels, bigger mortgages and are less likely to own their own home than people who have already retired.

Those in this age group typically had savings levels of just 8,593, while 40 per cent of pre-retirees did not make any regular savings.

The report also found 29 per cent approaching retirement have savings of less than 500, while 18 per cent have more than 100,000 set aside.

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