Four in 10 UK adults say they are not saving enough money for a comfortable retirement, survey reveals

Four in 10 UK adults say they are not saving enough money for a comfortable retirement: A recent survey by Wealth at Work has uncovered that 41% of UK adults are aware that the money being put into their pension, is not enough for them to be able to enjoy a comfortable retirement.

 

The study polled over 1,000 British working adults and found that 63% believe their financial knowledge is either ‘excellent’ or ‘above average’. Furthermore, a quarter said their financial ability was ‘excellent’, with a further 38% claiming it to be ‘above average’.

 

A third of participants said their financial ability was ‘average’ with just one in 20 admitting their knowledge is ‘below average’.

 

When asked about the money being put into their pension, 16% said they didn’t know if they are permitted to put extra money into their workplace pension. Furthermore, 12% are unsure how much they are putting into their pension, with 14% saying they do not know how much their employer contributes.

 

The survey also looked into whether people know how they are going to spend their retirement money and uncovered that 11% will have to withdraw from their pension as soon as they retire.

 

Furthermore, 7% said they will take out the same amount of money each month when they retire, with just one in 20 saying they will take out all their pension in one go. 

 

Many of the participants were aware that they might not receive their pension, with one in 10 saying if their employer goes bust, they will lose their money. In addition, 7% said they will lose all of their money if they die before they reach retirement.

 

Jonathan Watts-Lay, director for Wealth at Work, said: “Many companies are now seeing the benefit of sourcing specialist financial wellbeing provides to help employees improve their financial future, covering everything from debt and money management through to optimising employer sponsored benefits and retirement.”

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