A recent report from a longevity think tank has uncovered that pensions knowledge in UK adults is generally poor.
Vast differences in understanding exist among the population, and as part of the study, 3,000 adults yet to retire were surveyed.
Researchers discovered that 58% of respondents stated they had low confidence when it came to their knowledge of pensions . A total of 28% answered that they knew little to nothing, however this number rose to 41% among adults under the age of 35. Out of all people surveyed, only 11% felt they had good knowledge of pensions.
UK workers interested in pensions, investments and protective policies often reach out to retirement planning specialists in Shropshire, Cheshire, and other counties for professional guidance. Providing unbiased and holistic financial advice, wealth managers work with their clients to help prepare them for retirement through portfolio management, insurance products and tax effective strategies.
Analysis of the research indicated age, income and gender were each statistically significant when determining pensions knowledge. The survey showed that men were more likely to report a good personal knowledge of pensions than women, while a higher number of women stated they knew little to nothing on the topic of pensions.
The survey also showed that while 64% of respondents in a higher income bracket said they had a reasonable to good knowledge of pensions, only 30% reported the same in the lowest income category. A consultation with a retirement planning specialist may provide a sense of clarity to those unsure of how to efficiently plan for their future.