An average person in the UK can expect to spend almost one third of their adult life above the state pension age, which explains why saving for retirement is such a large industry. But are people saving enough for retirement? And what can pension saving teach us about how people make economic decisions?
The UK government does provide some support to pensioners, predominantly in the form of the state pension. This is worth approximately £9,600 per year for those reaching their state pension age today with a full entitlement, which is the vast majority of people who have lived and worked in the UK for their whole working life.
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