People are saving more due to concerns that they don't have enough put by for retirement, an insurer has said.
The nation's retirement savings have been boosted over the past year, new analysis from Scottish Widows shows.
According to the insurer's annual Pensions Index, details of which were released today, 37 per cent of people are now worried about not having enough funds in their pension pots to retire on. This figure is up three per cent over 2007 - but is still below the 49 per cent who were found to actually have lower-than-necessary savings.
Nevertheless, the fact that last year 51 per cent had insufficient retirement savings means that a positive shift has been registered. In addition, the average ratio of savings to income was also found to have gone up across the year, increasing from 7.9 per cent to 8.7 per cent.
Ian Naismith, head of pensions market development at Scottish Widows, commented: "While pensions savings are slowly starting to rise, there is still the real worry that in the current economic environment the nation is not doing enough to prepare for retirement.
"While the savings message that we have been campaigning on for several years is getting through, with people scared that they will not have enough to live on in retirement, this hasn't necessarily translated into pensions savings."
Scottish Widows also said that women continue to save more than men, although this "gender gap" is now narrowing.
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