ATTENTION ladies (and gentlemen) of a certain age, according to Scottish Widows’ annual review of the UK pensions landscape, for the third year in a row there appears to be an increase in the amount that workers are saving for retirement – the message to safeguard our financial futures seems to be getting through.

However, there are serious concerns about the status of those over 50 and, in particular, women in this age group.

Nearly half of those who could and should be preparing financially for their retirement are apparently not currently doing enough.

Among women aged 50 to 59, a significant number said that they have not heard that the state pension age is rising from the current age of 60 to 65 between next April and 2020. This is a worrying admission by people whose retirement is on the immediate horizon.

It is still the case that holding a pension is the most effective route to financial security in retirement. So what is preventing you from saving specifically for retirement?

Affordability is the major obstacle to saving in a pension.

It is appreciated that many of us have tightened our belts recently, although research shows that one in three of us has not actually done so.

We have concerns about job security and don’t want to “tie up” our money. However, it appears that many over-50s have concluded that it is just too late to try to build up worthwhile retirement savings.

Over the past 20 years, our wealth has become increasingly distorted towards property which has led to large numbers of people relying on the value of their home to fund retirement.

The current collapse of the property market is bringing reality back into play, but many of us are guilty of overestimating what our homes are actually worth, while under-estimating how much outstanding debt is secured against them.

You may well find that the actual equity in your home is a lot less than you think, and even if you can buy a smaller home and spend the difference, how long would that last?

Using your home to fund retirement presumes that you will be able to sell it easily, and that means you and the rest of the baby boomers need lots of buyers looking to climb that well trod ladder.

However, evidence is emerging to suggest that our increasingly mobile and debt averse young people do not have the same love affair with property as previous generations had. According to the Scottish Widows report, only 13 per cent of those polled who are not currently on the property ladder expect to buy their first home in the next two years.

And now the startling bit – nearly one in three people surveyed, who don’t currently own a home, said that they never intend to buy one. A shortage of fresh buyers and a glut of properties for sale could mean many of us will fall off the ladder rather than get off safely at retirement.

So, ladies and gentlemen over age 50, this is a call to arms: It’s never “too late” to start saving.

Make inquiries about your current employer’s provision and find out what lies in pension schemes you have left behind.

Review your own contribution levels, particularly if you have changed your job in the past few years Consider other forms of savings, such as investment ISAs that may help to amass more flexible or accessible forms of savings.

Understand how you will repay any debts, including your mortgage, before you retire The Financial Services Authority is keen to increase our understanding of all things financial.

Their Money Guidance service is currently being piloted in this area and is a great place to start understanding where you stand, with all the links you need to become fully informed. For details, go to moneymadeclear.fsa.gov.uk

■ Joss Harwood FPFS,CFP, is a chartered financial planner for Eldon Financial Planning.

Go to eldonfinancial.co.uk