New research has found that lack of consumer understanding and awareness of Pension Freedoms are the biggest concerns for advisers, three years on from the launch of the rules.
The pension pot needed to avoid an uncomfortable retirement – or the ‘pension mountain’ – has grown in size in real terms by three quarters since 2002, from around £150,000 to £260,000, new research by Royal London has revealed.
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…
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.
