New research by Standard Life has shed light on the lack of preparation for finances in later life.
This data indicates that a large percentage of UK consumers believe that their retirement finances are determined more by external factors than their own decision making, leaving many to wonder what measures they can take to assert more control.
For people retirement planning in Cheshire, Oswestry and across the UK, there is still an element of uncertainty. The research identified approximately 47% of British adults who don’t feel fully in control of their financial destinies, whilst 29% admitted to doing very little if any preparation for the future. It also found that somebody who take actions when they are young are likely to enhance their later prospects. Someone aged 22 who opted to increase their personal pension contributions by 2% on top of the minimum levels of auto-enrolment would be well-positioned to retire with a pot worth at least £52,000.
The report concluded that savers generally feel vulnerable to external events. Although investment performance, inflation and unexpected life events are often out of our hands, people can still take practical steps to safeguard their future financial health.
Concurrent analysis by Pensions Expert revealed the sources people use to help them make financial decisions, with 38% of those surveyed relying on banks, 37% friends and family, 17% influencers and 15% turning to independent financial advisers. Analysts have said this points to not just an awareness gap, but also a confidence gap in retirement planning.
