According to a new survey undertaken by insurer Standard Life, most adults in the UK do not know how much money their retirement pots currently contain.
Dubbed Retirement Voice, the study surveyed close to 6,000 savers and found that across almost all age groups, approximately 75% of respondents were unaware how much money had accrued in their pension pots. The study also found this percentage extended to 79% of savers who were aged from 45 to 54 years old, along with those in the age bracket for 55- to 64-year-olds.
Experts have weighed in, commenting that the statistics are worrying given that individuals now possess increased responsibility regarding their personal pensions savings. While younger generations may be more likely to have an idea of how much they have saved to date, those who are closer to retirement age are unable to estimate the savings they have accumulated.
Despite being a massive success, auto-enrolment, combined with UK workers changing employment more regularly, has resulted in many employees possessing multiple small pots in the later years of their career, which can be more difficult to manage.
Britons who have concerns that their pensions may not be enough to sustain the lifestyle they seek when they no longer work often consult specialists in retirement planning in Shropshire, Hampshire, and other affluent counties. Wealth management teams can offer an impartial view of their client’s finances and create projections that determine what steps they must take to achieve the standard of living in retirement that they desire.
