Two-thirds (65%) of UK adults lack the knowledge, time or desire to plan for their finances in retirement, according to The Equity Release Council.

Thirty per cent of 1,000 UK adults surveyed felt either too hassled or overstretched to save for retirement, with an inheritance seen as their best chance of comfort in retirement. Nineteen per cent, meanwhile, are “in denial” according to the industry body, saving only a token amount each month in the hope it will fund their retirement and immune to warnings it would be insufficient. Finally, 16 per cent said they felt guilty about not saving for retirement, but claimed not to know how much or how best to save.

“When people’s budgets are under pressure right now, it is perfectly understandable why many prefer to focus on the present and not dwell too much on their financial future, especially if their outlook for retirement is less than sunny,” Equity Release Council chairman Nigel Waterson said. “Unfortunately, that inaction could prove costly in later life.”

According to the research eight per cent believe they will have to sell their homes to fund their retirement, while a third (32 per cent) adults see their home as a potential financial asset in retirement, offering the prospect of releasing equity to boost savings.

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