Research undertaken by insurer Aviva has underlined the financial concerns of UK people regarding their eventual retirement amidst the COVID-19 situation.
The recent survey focused on the relationship between the current crisis and people’s finances, and it followed up on an earlier study conducted in 2020 to draw comparisons. Entitled “Thriving in the Age of Ambiguity”, the insurer’s survey revealed that a major worry for respondents was the topic of retirement planning. Almost half of all surveyed admitted that they did not know where to begin regarding putting plans in position for their retirement.
Additionally, over 24 per cent of those taking part in the survey confirmed they had made poor decisions regarding debt within the last year, with this statistic rising to 51 per cent among the Generation Z group, aged between 18 and 24. The study showed that, on account of lost income due to the recent crisis, close to a third of respondents had needed to borrow funds, while one out of every 10 people surveyed found it necessary to defer their scheduled repayments for personal debt and mortgages.
The study, supported by the respondents, suggested that employers could assist with this issue by implementing a wellbeing for the workplace strategy that focused on financial strategies for the future, like effective retirement planning.
UK employees with concerns regarding retirement planning in Shropshire, Cheshire and other counties can rely on wealth managers to create strategies that ensure they have adequate provisions in place when they stop working.