Millions Face Retirement Shortfall as Savings Fail to Keep Up With Costs

Scottish Widows report reveals a growing number of Britons are not on track for even a basic retirement lifestyle.

38% of Britons aged 16-64 are projected to fall short of minimum retirement standards, up from 35% last year.
Rising living costs, including rent and mortgage payments, are major factors in the growing shortfall.
Only 32% of working-age people are on track for a comfortable retirement, down from 36% in 2023.
More than half of UK retirees expect to work seven years longer than they would like.
Scottish Widows recommends increasing minimum pension contributions from 8% to 12% to address the gap.