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.”