According to a recent study, close to a third of people in the 45 to 54 age bracket believe that visualising what they desire their retirement to resemble is the best motivation for saving for the future.
When UK citizens consult experts in retirement planning in Chester, Birmingham and other major cities, the first step is for wealth managers to understand their financial situation and aspirations. With an in-depth understanding of their present circumstances and their ideal retirement, advisors can help their clients form a plan to get the right results.
While visualising retirement standards ranked as the most common driver among mid-lifers, a regular review of their personal expenses and making plans with a long-term partner or spouse followed close behind.
Over a fifth of respondents found that establishing set goals of how much they wished to save kept them motivated, while around 11 per cent stated that discussing their plans with friends and family was a powerful motivator.
The study also uncovered that recent pressure from the increased cost-of-living and higher interest rates in the UK had impacted people’s capacity to save for their retirement. Statistics showed that 63 per cent of people aged between 45 and 54 confirmed that their retirement savings had been negatively affected by the higher cost of mortgages and rising prices in the UK.
Despite these financial challenges, the research also encountered the positive mindset of mid-lifers, with 72 per cent of people in the category stating that they felt that it was “never too late” to begin thinking about saving money and making plans for their retirement.
