A study entitled the “Working Lives Report 2023: Fit for Future” recently unearthed that over one in five UK employees surveyed are currently not confident planning a financially comfortable retirement. Overall, this could represent around 6.3 million workers across the country.
Retirement planning specialists in Shropshire, Buckinghamshire and other parts of the UK are there to help their clients prepare for the future. Planning starts with an assessment of a person’s present financial situation, and an understanding of their retirement goals. Experts can offer advice, products and strategies to ensure retirees can access adequate provisions when they are no longer working.
The report was conducted in June this year, and found that people who were closest to retirement age were less confident about post-work finances compared to younger employees. A total of 26% of over 45-year-old workers expressed a lack of confidence regarding retirement planning, whilst just 20% of 16–44-year-olds surveyed felt the same way.
Most respondents commented that their pension will provide only enough money to “get by” during their retirement, with just 20% stating that it would be sufficient to retire comfortably. However, 2% admitted that they had no idea whether it would be adequate.
The survey also discovered that close to three quarters of UK employees felt that the cost of living crisis was making them feel increasingly anxious about their financial situation, with women recorded as more likely to experience anxiety than their male counterparts.
