UK adults in their 40s and 50s are failing to prepare adequately for their retirement after new research revealed they are currently saving the least of any age group in Britain.A new report from National Savings and Investments (NS&I) has revealed that millions of people would be vulnerable if a financial emergency occurred due to the small size of their nest egg.The survey, conducted in February, revealed that over a fifth (21 per cent) of UK consumers have less than £1,000 in savings, while more than one in ten (13 per cent) admitted to having no savings at all.Respondents aged between 45 and 54 were found to be the lowest savers as they set aside just 5.88 per cent of their income each month - the lowest of any age group.This demographic was found to save an average of just £82 per month, more than £10 less than the national average.Despite this, overall saving levels increased this February from three months before, with UK adults now saving an average of 7.66 per cent of their income from 7.31 per cent previously. On average, UK adults are now saving an average of £95 a month, the highest amount since spring 2011.John Prout, NS&I's retail director, said: "While many people found saving a challenge last year, our data shows that there has been an improvement in recent months."With saving reaching its highest levels since spring 2011, it appears that people are taking action and committing to setting more money aside for the future."Mr Prout added that savers who set specific goals "stand to reap the rewards" as this allows people to focus on their savings objective.The NS&I research shows that consumers who use savings goals save an average of 44 per cent more than those who fail to do so.
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