Attitudes of over 50s towards their pensions
- 26% – Stated that they only started paying into their pension after they turned 30 years old
- 49% – Regret not saving into their pension earlier
- 64% – Wish they had contributed more into their retirement savings at an earlier stage
Taking professional Financial Advice is KEY
Worryingly, when over 50s were asked about financial advice they said:
- 70% – They have never sought professional financial advice regarding their pension
- 30% – They feel they don’t know what they are doing and don’t need financial support
- 10% – They rely on their family and friends for support and advice
However, after heading that they could add as much as £47,000 to their pension (over a decade) by taking professional financial advice, half of them say they would.
Source data: 1,034 UK adults over the age of 50 (retired and nonretired) interviewed between 31.01.2022-07.02.2022
[1] https://www.retirementlivingstandards.org.uk/news/retirement-living-standards-updated-to-reflect
[2] https://ilcuk.org.uk/financial-advice-provides-47k-wealth-uplift-in-decade/
[3] https://www.bbc.co.uk/news/business-42193251