NEW figures show most Glasgow residents aged between 18 and 35 are not saving into a workplace pension.

According to NOW:Pensions 61% have failed to join a works pension scheme compared to the national figure of 58%.

But the survey of Glasgow employees found 39% would start saving or would save more if they could access some of the money to help fund a deposit for their first home.

Morten Nilsson, CEO of NOW: Pensions said: "The nature of pension saving is fundamentally changing. With over 55s being afforded greater flexibility with how they access their pension pot at retirement, perhaps now is the time to think about whether more flexibility should be extended to young savers to help incentivise saving.

"With so many pressures on young people's finances, it's understandable pension saving can fall down the priority list.

"The average deposit paid by a first time buyer in the UK last year was a staggering £29,218** putting home ownership out of the reach of many. By giving young savers the option to access a portion of their pension fund to get on the property ladder, the government could simultaneously boost pension saving and ease the financial pressure on first time buyers."

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