The majority (57 per cent) of UK adults aren’t confident that they have enough time to save for their pension, research comissioned by Unbiased has revealed.
The research, which was conducted by YouGov, found amidst rising living costs and ongoing economic uncertainty, hesitation over long-term financial planning is leaving many unsure about their ability to save enough for the retirement they want.
Unbiased CEO and founder, Karen Barrett, said: “Preparing for retirement is one of the most important financial steps we can take in life, but it can feel daunting.
“As our research shows, too many people in the UK are approaching retirement without a clear plan.
“It’s crucial not to bury your head in the sand, getting an informed plan in place as early as possible is key.
“Speaking with a professional can help cut through the jargon and give you the confidence to make the right decision for your future.”
The research revealed disparities between different age groups. Younger adults, aged 18-34, were more confident about their retirement compared to those aged 45 and above, 44 per cent and 31 per cent respectively.
This suggests many are reaching their later years potentially facing financial insecurity.
Additionally, a significant gender gap was revealed in the research, with only 29 per cent of women feeling confident about their retirement compared to 42 per cent of men.
Despite widespread concerns over not having enough time to save, the data also revealed a “worrying disconnect” in personal retirement planning as 75 per cent of working UK adults who have a pension pot do not know its current estimated value.
While 26 per cent of all working UK adults do not know how much they hope to live on annually after they retire.
“The advice industry must work harder to lower the barriers to accessing quality advice, especially for those with fewer assets,” Barrett added.
“Government action on mandatory pension schemes, education, and public awareness is also critical to improving the nation’s retirement readiness.”
tom.dunstan@ft.com
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