ABOUT a third of those under the retirement age in the South West do not have either a private or workplace pension, while just over one in 10 of all adults in the region have no savings or investments at all, new research has found.

The study, carried out by Zurich UK, also revealed just over one in 10 people below 65 felt confident they knew how much they should be saving into their pension every month to comfortably afford the standard of living they expect from their retirement.

On average, those with a workplace pension in the South West save six per cent of their salary into their pension, slightly below the national average of 7.25 per cent.

However, this is in line with the ONS contribution average which showed 60 per cent in the public sector and 15 per cent in the private sector contributed six per cent or more of their pensionable earnings.

Anne Torry, head of Zurich UK Life, said: “More has to be done to inspire people to take action and start saving.

“Small steps such as reviewing everyday spending to realise a saving that can be used to increase monthly pension contributions will have a huge impact over the long term, as will taking full advantage of support within the workplace and contributions from employers.

“The earlier action is taken, the more likely it is that your savings will be sufficient to realise your aspirations today and in the future.”