Recently published figures by the Office for National Statistics (ONS) have led to concerns about how financially prepared many people are for retirement, despite a rise in the number of people contributing to a pension following the introduction of automatic enrolment.
New research has warned that many retirees could be at risk of running out of money during retirement because of a lack of advice and guidance on the recent pension freedoms.
Around 20% of British adults – amounting to more than 10 million people – say that a lack of retirement savings means they will have to keep working until they’re physically unable to, while one in 20 (6%) – another three million people – say they expect to work until they die, new research from Scottish Widows has revealed.
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.