\n\t\t\t\t\tA large number of people aged 40 to 75 have no savings, leaving them increasingly vulnerable to poverty in retirement, research shows\t\t\t\t\t <\/p>\n
Sara-Louise Ackrill often thinks about retirement, but, like millions across the UK, she doesn\u2019t see how it will be financially possible.<\/p>\n
The 47-year-old, from East London, has no savings<\/a>, no property, no car, and no investments.<\/p>\n She runs a consultancy focused on neurodiversity and became an author earlier this year.<\/p>\n Each month, she pays herself \u00a34,000 \u2013 enough to cover rent and bills<\/a> \u2013 but doesn\u2019t feel able to contribute to a pension.<\/p>\n Speaking to The i Paper, she said: \u201cI have autism and ADHD, and I lose a lot of money to the disability tax.<\/p>\n \u201cPeople with long term health conditions can spend hundreds more a month just for being the way they are. For example, a sudden loss of energy when I\u2019m in the city could mean an unbudgeted \u00a360 taxi home.\u201d<\/p>\n Despite now earning more than she ever did in her previous roles in hospitality and therapy, saving <\/a>still feels out of reach.<\/p>\n She added: \u201cI often think about retirement but I\u2019m not in a position to do anything about it.<\/p>\n \u201cStarting my business has been amazing but it wasn\u2019t a get rich quick scheme. Being an author doesn\u2019t help much on the financial side of things either.<\/p>\n \u201cI have always thought I might retire in Asia. I don\u2019t think the UK has much respect for older people, but it would be nice to have the option. I don\u2019t see how I will be able to.\u201d<\/p>\n Ms Ackrill is not alone. According to the Department for Work and Pensions (DWP)<\/a>, 38 per cent of UK adults aged 40 to 75 have no savings, and a further 20 per cent have less than \u00a315,000.<\/p>\n A quarter of people in this group have no private pension<\/a>, with those on lower incomes, renters, and individuals with long-term limiting health conditions the least likely to have one.<\/p>\n She recently consulted a financial adviser, which has offered some optimism.<\/p>\n Ms Ackrill added: \u201cThe financial health meeting I had was really good and we spoke about what I could put aside each month.<\/p>\n \u201cIn reality though, things like unexpected vet bills, birthdays, occasional treats, will eat into the disposable income I do have.\u201d<\/p>\n \u2018My pension\u2019s worth less than a year\u2019s wage\u2019<\/p>\n Antony Davies, 43, from Wales, shares similar concerns. Despite working in the charity sector for over two decades, he has no substantial pension<\/a> or retirement fund.<\/p>\n He said: \u201cCharity roles are generally low-paid compared to equivalent private-sector positions and rarely include bonuses or significant benefits.<\/p>\n \u201cRedundancy a few years ago meant a sudden loss of stability, and a lack of local third-sector opportunities pushed me into retail work, which is also low-paid.<\/p>\n