Study shows UK workers lack pension awareness

New research has unveiled that despite the economic difficulties caused by the COVID-19 crisis, close to 50% of Britons have not checked their pensions.

The average UK worker, according to the recent study, has saved around £60,000 in their dedicated pension pots. While making plans for the future and their eventual retirement are among the key steps that workers can take to prepare, the survey that involved 1,281 adults in the UK above the age of 40 indicated a lack of interest and engagement on the subject of pensions.

The study uncovered that 46% of respondents has not checked their retirement savings in the last year and in the same term, 78% had not actioned a comprehensive review of their financial plans for retirement. Out of those surveyed, only 14% had sought out the assistance of a professional financial advisor.

UK workers who are concerned about the quality of life they will enjoy in the future when they are no longer employed will sometime seek the aid of retirement planning specialists in Chester, Birmingham, and other UK cities. Independent financial advisors can create long-term strategies that ensure people have adequate provisions for retirement and achieve their long-term goals, from looking after loved ones to taking the time to travel.

The recent pandemic has resulted in exceptionally low interest rates, resulting in an economic climate that has proved unsettling for many savers. The study showed that despite this, only 15% of respondents had adjusted their financial strategy for retirement.


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