- 80% of under 60s do not know how much they will need to live on in
retirement - Nearly half of respondents said they want to travel regularly and live
stress-free in retirement - 29% of people who said they feel prepared for retirement have no
additional provision in place beyond their state pension - 22% said they have not yet begun to save for retirement
MANCHESTER, England–(BUSINESS WIRE)–A nation-wide UK survey produced by Equity Release Supermarket has
revealed that there is a clear disconnect between many people’s
retirement aspirations and their current financial provision.
Speaking to a diverse sample of 4000 people, the Retirement Reality
Report results showed that an overwhelming portion of people are either
uncertain or unrealistic about retirement.
ERS’s findings suggest that many people’s goals for retirement have
little bearing on any financial plans they are currently making. Nearly
half said that they want to travel regularly in their golden years;
however, 22 per cent said they have not yet begun to save for
retirement. Perhaps even more alarming is that 6 per cent of respondents
said that they don’t ever expect to retire.
Just a quarter of respondents said they had an idea how much they were
expected to live on in retirement, yet, perhaps more reassuringly,
nearly half of these said they felt fully or somewhat prepared for
retirement. This indicates that while people may feel ready or
organised, that feeling, when asked to attach any real numbers to it,
falls short.
Of the proportion of people who feel somewhat or fully prepared for
retirement (roughly 28 per cent), 59 per cent said they don’t know how
much money they are expected to live on, 29 per cent have no additional
provision in place beyond their state pension, and 71 per cent have not
consulted a financial adviser.
Dom Wilkinson, Marketing Director at Equity Release Supermarket, says
the gap between retirement aspirations and reality is something the team
sees often:
“To live comfortably in retirement now, an individual needs to supplement a full state pension with about £12,000 per year. For a 20-year retirement, this amounts to a pension pot of £240,000. The reality is that the average pension pot is little over £30,000. Where do we think we’ll find the missing £210,000?”
You can read more by downloading the Retirement Reality Report, here: https://www.equityreleasesupermarket.com/news/details/does-the-reality-of-retirement-match-the-uks-aspirations
Contacts
Alexandra Ashton
[email protected]
