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28 June 2017, 05:38
A quarter of Scots are saving nothing for retirement, according to a report.
Experts described the number as a "real concern'', with younger people in particular struggling to put money away for life after work.
The Scottish Widows Adequate Savings Index found the number of workers saving nothing rose from 19% last year to 25% this year.
It contributed to a 2% fall overall in the number of people "saving adequately for retirement'' to 59%.
The survey found 70% of 22 to 29-year-olds are not saving adequately compared to 51% of Scots in their 30s and just 28% of 50 to 59-year-olds.
Catherine Stewart, retirement planning expert at Scottish Widows, said: "The drop in adequate savers in Scotland over the last 12 months is a real concern and it is especially concerning to see how much the younger generation is struggling to put enough away for later years.''
Scottish Widows said auto-enrolment schemes have helped but contributions need to be raised to a "combined 12% employer and employee contribution'' for an adequate level of saving.
Levels of debt, student loans and credit card bills were also highlighted as 29% of Scots said they cannot afford to save any more into a workplace pension than they currently do.
Scottish Widows believes better use of technology and social media is needed to reach younger workers.
Ms Stewart said: "To really help the younger generation start to think seriously about retirement savings, the essential first step is to understand what information they need.
"If we don't get this right, then it is far more difficult for them to reach their desired savings levels in their 30s and 40s.
"What we know for sure is that younger people are far more likely to engage with technology and information that can be easily digested.
"We have therefore created a series of pension basics films available on our YouTube channel and are currently developing a smart phone app allowing members of corporate pension schemes to keep track of how their savings are growing.''