Best of the Week
Most Popular
1. Will Gold Price Breakout? 3 Things to Watch… - Jordan_Roy_Byrne
2.China Invades Saudi Oil Realm: PetroDollar Kill - Jim_Willie_CB
3.Bitcoin Price Trend Forecast, Paypal FUD Fake Cryptocurrency Warning - Nadeem_Walayat
4.The Stock Market Trend is Your Friend ’til the Very End - Rambus_Chartology
5.This Isn’t Your Grandfather’s (1960s) Inflation Scare - F_F_Wiley
6.GDX Gold Mining Stocks Fundamentals - Zeal_LLC
7.US Housing Real Estate Market and Banking Pressures Are Building - Chris_Vermeulen
8.Return of Stock Market Volatility Amidst Political Chaos and Uncertain Economy - Buildadv
9.Can Bitcoin Price Rally Continue After Paypal Fake FUD Attack? - Nadeem_Walayat
10.Warning Economic Implosion on the Horizon - Chris_Vermeulen
Last 7 days
Russia Buys 300,000 Ounces Of Gold In March – Nears 2,000 Tons In Gold Reserves - 24th Apr 18
Stock Market Study Shows Why You Shouldn’t “Sell in May and Go Away” - 24th Apr 18
CRYPTOCURRENCY MASTERCLASS #CRY90 - 24th Apr 18
UKGC Set to Make Online Gambling Industry More Risk-Free - 24th Apr 18
Chaos Capitalists Short Countries - How Chanos Got China Wrong - 24th Apr
Artificial Intelligence Defines the Political News Narrative - 24th Apr 18
Stock Market "Oops, They Did It Again" - 24th Apr 18
Fox in the Henhouse: Why Interest Rates Are Rising - 23rd Apr 18
Stocks and Bonds, This is Not a Market - 23rd Apr 18
Happy Anniversary Silver Investors! - 23rd Apr 18
The Hottest Commodity Play In 2018 - 23rd Apr 18
Stock Market Correction Turns Consolidation - 23rd Apr 18
Silver Squeeze, Gold Fails & GDX Breadth - 23rd Apr 18
US Economy Is Cooked, the Growth Cycle has Peaked - 23rd Apr 18
Inflation, With a Shelf Life - 23rd Apr 18 - Gary_Tanashian
Stock Market Predictive Modeling Is Calling For A Continued Rally - 22nd Apr 18
SWEATCOIN - Get PAID to WALK! Incentive to Burn Fat and Lose Weight - Review - 22nd Apr 18
Sheffield Local Elections 2018 Forecast Results - 22nd Apr 18
How Long Does it take for a 10%+ Stock Market Correction to Make New Highs - 21st Apr 18
Sheffield Ruling Labour Party Could Lose 10 Council Seats at May Local Elections - 21st Apr 18
Crude Oil Price Trend Forecast - Saudi Arabia $80 ARAMCO Stock IPO Target - 21st Apr 18
Gold Price Nearing Bull Market Breakout, Stocks to Follow - 20th Apr 18
What’s Bitcoin Really Worth? - 20th Apr 18
Stock Market May "Let Go" - 20th Apr 18
Overwhelming Evidence Against Near Stock Market Grand Supercycle Top - 20th Apr 18
Crude Oil Price Trend Forecast - Saudi's Want $100 for ARAMCO Stock IPO - 20th Apr 18
The Incredible Silver Trade – What You Need to Know - 20th Apr 18
Is War "Hell" for the Stock Market? - 19th Apr 18
Palladium Bullion Surges 17% In 9 Days On Russian Supply Concerns - 19th Apr 18
Breadth Study Suggests that Stock Market Bottom is Already In - 19th Apr 18
Allegory Regarding Investment Decisions Made On Basis Of Government’s Income Statement, Balance Sheet - 19th Apr 18
Gold – A Unique Repeat of the 2007 and How to Profit - 19th Apr 18
Abbeydale Park Rise Cherry Tree's in Blossom - Sheffield Street Tree Protests - 19th Apr 18
The Stock Market “Turn of the Month Effect” Exists in 11 of 11 Countries - 18th Apr 18
Winter is Coming - Coming Storms Will Bring Out the Best and Worst in Humanity - 18th Apr 18
What Does it Take to Create Living Wage Jobs? - 18th Apr 18
Gold and Silver Buy Signals - 18th Apr 18
WINTER IS COMING - The Ongoing Fourth Turning Crisis Part2 - 18th Apr 18
A Stock Market Rally on Low Volume is NOT Bearish - 17th Apr 18
Three Gold Charts, One Big Gold Stocks Opportunity - 17th Apr 18
Crude Oil Price As Bullish as it Seems? - 17th Apr 18
A Good Time to Buy Facebook? - 17th Apr 18
THE Financial Crisis Acronym of 2008 is Sounding Another Alarm - 16th Apr 18
Bombs, Missiles and War – What to Expect Next from the Stock Market - 16th Apr 18
Global Debt Bubble Hits New All Time High – One Quadrillion Reasons To Buy Gold - 16th Apr 18
Will Bitcoin Ever Recover? - 16th Apr 18
Stock Market Futures Bounce, But Stopped at Trendline - 16th Apr 18
How To Profit As Oil Prices Explode - 16th Apr 18
Junior Mining Stocks are Close to Breaking Downtrend - 16th Apr 18
Look Inside a Caravan at UK Holiday Park for Summer 2018 - Hoseasons Cayton Bay Sea Side - 16th Apr 18
Stock Market More Weakness? How Much? - 15th Apr 18
Time for the Gold Bulls to Show their Mettle - 15th Apr 18
Trading Markets Amid Sound of Wars - 15th Apr 18
Sugar Commodity Buying Levels Analysis - 14th Apr 18
The Oil Trade May Be Coming Alive - 14th Apr 18

Market Oracle FREE Newsletter

Trading Lessons

Retirement Expectations of Consumers Fall Short

Personal_Finance / Pensions & Retirement Apr 12, 2018 - 09:49 AM GMT

By: MoneyFacts

Personal_Finance

• Over a quarter of consumers under the age of 45 only expect to retire after the age of 70

• 14.8% of consumers under the age of 45 worry they’ll never be able to retire

• 79.5% of those aged between 45 and 64 hope to retire by 65

• More than half of respondents knew exactly how much is in their pension pot

• Respondents desire for 63% of their current annual income to be their pension income


A new study from moneyfacts.co.uk has shown a shortfall in the expectations of consumers when anticipating retirement income. Some thought they will need to wait until they are over 70 years old before they can retire, while some even believed they never will.

While 75% of respondents aged between 45 and 64 hope to retire between the age of 55 and 65, the same can’t be said for those aged under 45. Our figures show that less than half (39.3%) in this age group hope to retire by then and only 18.5% think it’s possible.

Rachel Springall, Finance Expert at moneyfacts.co.uk, said:

“The changing landscape for pension provision is clearly upending the way consumers think about retirement. Most of the older respondents in our independent survey hope to retire by the age of 65, but very few under the age of 45 share this sentiment. Interestingly, national statistics from the ONS show that only 26% of the adult population in work expect to retire before the age of 65, with the majority (59%) expecting to retire between 65 and 69. This runs counter to the hopes of most survey respondents, regardless of age.

“That said, many younger consumers seem to be realising they can expect a later retirement, or in some cases, worry that they will never truly retire. Our study shows that while only 3.8% of respondents aged between 45 and 64 feel they won’t be able to retire until after the age of 70, more than a quarter (25.9%) of those under the age of 45 feel the same way. Even more concerning is the result that 14.8% of those under the age of 45 don’t expect to retire at all, compared to only 2.6% of those aged 45 to 64.

“With regards to the awareness of saving for retirement, it appears moneyfacts.co.uk users are relatively savvy with keeping tabs on their pension pot, as 55.7% knew how much they have amassed. However, there were still around a third of respondents with only a rough idea of what they had saved (31.3%), while 5.4% hadn’t even started saving for retirement.

“Clearly, not everyone prioritises the need to save towards retirement in the same way, while many may pin too much of their hopes on the state pension. Consumers should make every attempt to save an adequate amount of their income to ensure a more comfortable retirement. If left by the wayside, retirees could find themselves with very little disposable income.

“While auto-enrolment is a welcome step towards saving for retirement, it shouldn’t be assumed that the bare minimum will be sufficient to cover what individuals expect to retire on. According to our survey, consumers hope to retire with a pension pot that can give them 63% of their current level of income. However, they realistically expect to only receive 52% of this. Either way, it will require diligent saving throughout their working lives.

“Consumers should make every effort to prioritise their retirement provisions, particularly if they are getting close to retirement age. Keeping an eye on any investments and/or appointing an independent financial adviser to manage the pot through the years can make all the difference when it comes to realising one’s retirement hopes and expectations.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules