The UK has ranked among the lowest for a number of financial inclusion factors, suggesting a pensions crisis could be looming, according to new data.
The inaugural Global Financial Inclusion Index, found that the UK, alongside Germany, France and other “wealthy nations”, are failing to engage their ageing populations around the threats of inadequate retirement income.
Developed by Principle Financial Group in conjunction with the Centre for Economics and Business Research, the results showed the UK ranks 21st out of 42 for employee pension contributions, but scores 39th for flexible pay initiatives and last for employer provided guidance and support around financial issues for employees.
It ranks 13th overall with all scores combined out of 42 for financial inclusion.