Just 41% of workers confident in saving enough for retirement

Around two-fifths (41 per cent) of non-retired UK adults are confident they will have saved enough for retirement, according to research from LV=.

The LV= Wealth and Wellbeing Monitor also showed a gender-imbalance, finding that two-thirds (66 per cent) of non-retired women were not confident they have saved enough for retirement, compared to only half (50 per cent) of non-retired men.

Just 14 per cent of non-retired UK adults were found to have looked at their pension value in the last year and only 8 per cent had researched how much they would need saved in their pension for a comfortable retirement.

Almost a third (30 per cent) of non-retired UK adults said they did not know when they are going to retire, while nearly one in four (23 per cent) of those aged 55-64 do not know when they will retire.

Only 7 per cent said they had consulted a financial adviser about retirement, although almost two-thirds (65 per cent) of those who have consulted a financial adviser are confident they will have saved enough for retirement, compared to 41 per cent of the general public.

Additionally, more than half (55 per cent) of those who had consulted a financial adviser had increased pension contributions and researched how much they need in retirement and 56 per cent had discussed retirement plans with their partner.

LV= managing director of savings and retirement, Clive Bolton, said: “LV=’s Wealth and Wellbeing Monitor highlights how many people are understandably worried about the future in the current situation. However it’s striking to see how consulting a financial adviser makes them become much more confident about their finances and retirement plans.

“Advisers have a vital role to play when it comes to long-term saving for retirement.”

Furthermore, a quarter (25 per cent) of mass affluent adults said they plan to retire before the state retirement age, compared to 12 per cent of the general population.

Those mass affluent adults aged 55-64 were almost twice as likely (18 per cent) as the general population of this age (10 per cent) to have consulted a financial adviser.

This group were also much more likely (36 per cent) than the general population of this age (23 per cent) to have looked at the value of their pensions.

He continued: “LV=’s research indicates that those people who are confident about their retirement plans are much more likely to have consulted a financial adviser, discussed their retirement plans with their partner and increased their pension contributions.

“The cost of taking good financial advice represents is money well spent. Research indicates that people who take financial advice are better off in retirement than those who don’t.”

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