A recent survey of 9,000 consumers across Europe found that 72% of Britons surveyed do not hold any pension savings. The survey suggests that this is therefore higher than the global average (69%).

For those that know me, you will be aware of my scepticism of surveys and statistics in general. My first question would probably be – who was surveyed? Followed by “when?” Whilst I would certainly concede that the UK is not saving enough – most data would indicate this, such surveys are prone to error and I am rarely convinced about the reliability of responses from those surveyed. I would not wish to dismiss the survey out of hand, but I would certainly warn against making too many assertions from the results.

It is fairly clear that very few people that I meet are saving “enough”. Even the term “enough” is somewhat spurious… few people budget, so it is reasonable to assume that they would not have a clear idea of what enough would be in retirement. The pension industry is full of unhelpful jargon and the reality is that few people are up to speed with what they have in pensions or what they need. This is where good planning is required.

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