You are here: Home - Saving & Banking - News -

Adults put off pension planning

Written by:

Almost half of adults aged between 55 and 64 years old have no financial plan in place for retirement, even though 86 per cent believe the state pension won’t be enough, new research has found.
The study, conducted by market research group TNS, also showed two thirds of people in this age group are concerned about the level of income they will have in retirement. In addition, 70% expect their standard of living to decline.
However, 46% of those interviewed admitted to having no financial plans in place for retirement. In comparison, the average across all age groups was 54%.Sharon Rees, head of TNS Finance, commented: “This is a shocking wake-up call – for both the government and individuals. The UK is entering a state of “pensions meltdown” – but despite widespread media coverage and ongoing measures by financial providers to encourage us to save, it seems that warnings are going unheeded. It is disturbing to think that half of those in their final years of work still have no financial plans in place – and the idea that they can afford to put off planning a moment longer is ludicrous.”   


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Credit card cheques could result in financial hangover

Consumers were bombarded by 313 million unwanted credit card cheques last year, according to uSwitch.