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September 2023 - Financial Services

42% of Brits would leave the UK for retirement if they were able to: A new survey has found that 42% of Brits would leave the UK for their retirement if they were able to, with 17% ‘strongly agreeing’ they would do so.

The survey was conducted by the investment comparison site, Investing Reviews and polled over 2,000 people. The survey sought to gather views on retirement, pensions, and investments and to help better understand the nation’s sentiment around these topics.

Pensions

The survey investigated pensions in detail, finding that 35% of people do not know how much money is in their pension pot, with 17% of people not having a pension at all. More than half the respondents polled (56%) said they are unable to make as many pension contributions as they would like to, with 63% agreeing that they will need other investments alongside their pension to retire comfortably. Only 11% of people said that they were making as many contributions as they would like to.

Retirement

When asked if they will be able to retire comfortably, just over a quarter said they would be able to (28%), while a third disagreed with the statement (33%). Just under a quarter said they neither agreed or disagreed. Seven in 10 respondents (69%) said that they believe the UK retirement age should be lowered from 66, which is where it currently stands. Additionally, 71% said that they believe it is harder than ever to retire comfortably in the UK.

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