People are unaware of how much they need to save for retirement

Recent research suggests that one-third of adults have no idea of their saving levels and couples who would normally be considered solvent have no idea how much they would have to live on when they retired. 

New findings have revealed that 33 per cent of adults have no idea of how much money they have in their pension pots and 92 per cent of adults in the UK are unaware of how much they need to save for a comfortable retirement.

The research also found that 18 to 24-year-olds are prioritising saving for a property over saving for retirement.

Figures indicated that the average pension pot is £298,000. However, 62 per cent of people aged between 18 and 34 underestimated how much they would need to live comfortably in retirement.

Furthermore, 16 per cent of this cohort believed that they would only need between £50,001 and £100,000 for a comfortable life in retirement.

Ultimately, people need to be educated about the importance of saving for a pension as early as possible or even, as one participant in the documentary suggested, taught in school.

Andrew Hennah, Financial Planning Director at Milsted Langdon Financial Planning, said: “It is concerning to see how many adults are unaware of how much they need to save in order to have a comfortable retirement.”

“To find out how we can help you put away more for the future, please contact us.”

Posted in News.