You are here: Home - Retirement -

Half of over 40s wish they saved more when they were younger

0
Written by:
26/11/2013
Over half of over 40s wish they had saved more for retirement when they were younger, according to new research from Friends Life.

As proposals for the Government’s ‘defined ambition’ pension scheme are unveiled, the research found that 43% of over 40s surveyed don’t think they have saved enough for their retirement.

The research found that 51% of over 40s surveyed wished they had saved more for retirement when they were younger, as this group starts to realise that they need to do more to provide for their future financial wellbeing.

Just 25% of those over 40 surveyed felt that they had saved enough for their retirement. Surprisingly, this is lower than the 28% of 18-24 year olds who say they are already saving regularly for their retirement, indicating that the younger generation is attempting to be more prepared for financing their later life.

Colin Williams, managing director of Corporate Benefits at Friends Life, said: “This research highlights that there was a distinct lack of urgency in the generation born before the 1970s, a balance which must be redressed by the younger generations today.

“It is encouraging that our research suggests that those between the ages of 18-24 are realising the importance of saving to provide for the financial future they are looking for. We, as an industry, have a fundamental role to play in ensuring we support younger people in making good financial decisions for their future.”

Despite this positive finding with regards to the younger generations, the research also uncovered that 34% of 31-39 year olds are being complacent by not saving anything for retirement at all.

Colin Williams added: “The fact that such a high percentage of those approaching 40 are not saving for their retirement is extremely worrying. Sadly, unless people start making real savings now, they could find that their vision of a comfortable retirement could be nothing more than a dream.”

The research also found that 74% of over 40s have never taken out protection insurance. But the younger generation seem to be more aware of the need, as a fifth of 18-24 year olds and a quarter of 25-30 year olds think they will take out protection insurance in the future.

Tag Box

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.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
London open: Stocks head lower ahead of ‘quiet day’

UK markets opened slightly lower on Tuesday morning as investors showed caution ahead of what's set to be a subdued...

Close