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There is confusion around retirement options, but the majority agree state provision alone is not enough to fund retirement
0%
of people don’t understand the options available to them with their retirement savings
0%
of people believe that the state provision for retirement is not enough for them to live off
People are also frustrated with changing rules around funding retirement, with expert investors the most likely to feel this way
People who think the government keeps changing the rules about how people should save for, and fund, their retirement, so they don’t see the point in trying to save specifically for their retirement
Beginner / Rudimentary
Intermediate
Expert / Advanced
Encouragingly, though, average retirement savings rates remain at a healthy level
The average percentage of income people are saving specifically for retirement
And increasing numbers of people are prioritising using their disposable income for pension savings
Percentage of people who felt retirement saving was the top priority for disposable income
In spite of all this, people are still worried about having enough income for retirement
0%
of people are concerned their retirement income will not be enough
And nearing retirement places increased importance on seeking professional advice
0%
of people say that ‘nearing retirement’ is the most likely personal life event to cause them to seek professional advice
Though this concern doesn't necessarily mean people expect to reduce their expenditure in later life
How retired and non-retired people expect their expenditure to change in retirement
Non-retired
Retired
Increase
Stay the same
Reduce gradually
Reduce close to zero
Potentially because they are anticipating a more gradual approach to 'retirement'
How people expect their working hours to change in retirement
Increase
Stay the same
Reduce gradually
Reduce close to zero