One in five Brits are confident they have enough equity for retirement, reveals poll

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12th August 2021 12:37 - Financial Services

One in five Brits are confident they have enough equity for retirement: A survey of UK adults has revealed that just 1 in 5 are confident they have enough equity to sustain them in the later years of their lives, with research also revealing a lack of financial planning for many Brits.

The survey by Saffron Building Society polled 2,000 UK adults of various ages to undertand more about the financial wellbeing of people in the UK and their plans for retirement and the time leading up to it.

It found that a fifth of respondents have no future financial plans, with a quarter revealing they do not have any savings goals or have undertaken any future planning to ensure financial security in retirement.

The building society's 'More than Money' campaign also highlights that according to government data, a third of UK adults are unaware of the age they are eligible for retirement.

As well as looking at financial planning, the survey also touched on later-life planning to ensure family and/or friends are prepared for an emergency or the death of a loved one and are able to execute that person's wishes. It found that half the respondents polled did not understand the need to have a will in place, while 56% had not heard about 'Power of Attorney'. The polling also revealed that 20% of Brits had not even discussed their financial wishes with loved ones.

Asked about how they feel about taking independent financial advice, three-quarters of participants said they believe that advice would not be relevant to them as they do not earn enough, while three in five (60%) said they may not be in a position to plan for retirement without seeking independent financial advice.

John Penberthy-Smith, Chief Commercial Officer at Saffron Building Society said: “The pandemic may have exasperated it, but we have known for some time that Brit’s understanding of the importance of later-life planning has always been very low. We have faced increases in the cost of living for decades with income finding it hard to stay with the trend, leading to many finding it difficult to save.”

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