More saving for old age despite the recession

PENSION savings have bucked the downturn this year so far, with more people putting money aside for retirement despite the fact consumers are facing tighter finances and increased redundancies.<br /><br />The Scottish Widows Pension index, which tracks the number of people saving adequately for retirement, has risen from 51 per cent in 2008 to 54 per cent in 2009 so far.<br /><br />And the Scottish Widows Average Savings Ratio, which shows the percentage of income being saved for retirement by UK workers not expecting to get their main retirement income from a company pension scheme, rose from 8.7 per cent to 9.3 per cent.<br /><br />This was the highest level recorded since Scottish Widows started the yearly survey in 2005, despite the dire market conditions. <br /><br />But there is a gender gap, the pension giant said, with only 47 per cent of women saving adequately compared to 59 per cent of men.