It was good to read that saving is a priority for many adults in Britain, with around 46% of those surveyed saying they have a long-term savings goal. This rises to 63% among 25-34-year-olds.
Recent retirees are increasingly being called upon to provide financial support to their families, which is placing additional pressure on their retirement income.
It was concerning to hear that as many as one in eight people (12%) due to retire this year have made no provision for their retirement, including 10% who will either be totally or somewhat reliant on the State Pension.
New research has found that British millennials have grand plans in place for their retirement, but many are not saving enough to be able to make these plans a reality.
Pensions Freedom has brought with it a huge amount of publicity in this area. Lots of speculation around over 55s taking their pension pots out in one go and buying expensive supercars. All of this misses one clear problem at retirement and that is the sheer complication of this area…