One in four singles believe they will never have enough money saved to retire, according to a survey.
More than 1,500 working age people were asked about how they are saving for retirement by peer-to-peer borrowing platform Lending Works.
The results revealed a staggering 40% of singles are not saving any money into a pension.
The most pessimistic about their financial future are 35-44 year olds, with 25% doubting they will ever be able to fully give up working.
Sadly, 17% of 18-24 year olds who still have plenty of time to save for retirement felt the same.
“There is clearly more of a worry amongst single adults that they will never be in a financial position to be able to retire,” said a spokesman.
Social media and saving
“Some 24% of single adults said they believe they would never be in a secure enough position to finish work, compared to 19% of those who are married or living with their partner.
“On top of this, 40% of those who were not in a relationship said they are currently unable to put any money aside each month for their future, compared to 29% of those in long-term relationships, married or co-habiting. “
The survey also found that people on some social media networks saved more than others.
“Over half of people who use LinkedIn – which is a more career-focused network aimed at higher-earning professionals – contribute 3% of their salary or more to their pension pot each month,” said the spokesman.
“This drops to 32% for those who use Facebook and Twitter – who, perhaps, tend to be younger and not as well established yet in their careers – and 29% for those who use Google+.”
Women save less
The research also asked why people were not saving for retirement.
“The main reason, of course, that we can’t see ourselves retiring is because we can’t afford to.
“More than a third of non-retired adults don’t save a single penny towards retirement each month,” said the spokesman.
“Let’s face it, it could be that when you’ve got bills and rent to pay, you’re trying to feed yourself and your family, you’ve got to pay for your transport to work and you also want to have a social life, sparing a few pence, or pounds, for the future tends to slip far down the priority list.
“Women are guiltier of this than men, with 41% not saving towards retirement, compared to 26% of men.”
