The best things in life are free - which is just as well given the state of our pensions
A new study by Scottish Widows finds that as many as two in five people face poverty in their old age because they are not putting enough away for their pension.
The problem is particularly acute among the young, which is concerning given that it is they who are likely to live the longest, and therefore have the longest retirements.
This has been brewing for a number of years. Life expectancy has been growing for some time, but pension contributions have not kept pace. Throw in the cost-of-living crisis, and it is little surprise that people are finding it a struggle.
The charity Age UK has come up with some low-cost activities that can keep retired people active on a budget, but we still recommend it is far better to start saving for your pension as soon as possible, put away as much as you can reasonably afford, and if necessary consider whether it might be wise to delay retirement for a year or too.
Yes, the best things in life are free. Which is probably just as well, if this study is anything to go by.