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Does the UK know how much to save up for retirement?
Have you ever thought about what you’ll do with your life when you’re done working? Do you see yourself spending your days in a big house in the English countryside, sipping cold drinks on a Spanish beach or running off somewhere more exotic?
It’s never too early to start thinking about how to save for one’s retirement and to compare pension options. Depending on whether you also need to pay the rent, and what you want your final years to look like, it may take more money than you think to live them comfortably. We commissioned some research to see how much Brits know about their pensions.
To understand how much the UK population knows about pensions, we commissioned research to find out just how clued up Brits are about their savings for retirement.
- 35% of the adult population say they don’t have a pension.
- 43% of the population admit they don’t know how much they will need.
- Over half (55%) of people estimate that up to £100,000 is enough to retire comfortably.
- Only 28% of people think they are on track to meet this.
- The recommended amount for a comfortable retirement is £260,000–£445,000, depending on accommodation costs.
|Say they don't have a pension||18.40%|
The coronavirus pandemics effect on pensions
During the coronavirus pandemic, most pension funds have decreased in value. With 950,000 benefits claims in a fortnight, the number of people getting laid off by their employees is skyrocketing. Unemployment rates are anticipated to rise from the current 3.8% to 4.1% by 2021, when the pandemic hopefully is over as well as some Brits coming back into employment. This will impact the amount Brits can put into their pension funds that are already low, as only 25% think they have enough to stop working completely with their retirement.
Despite automatic enrolment workplace pensions being put in place in the UK, only 65% of our survey respondents said they had a pension, equating to 33.4 million people. This means 35% of people, in other words 18.4 million Brits, either have no pension or are unaware that they have one. Of those who said they did have one, 36% weren’t sure how much was in it.
How well could people estimate the size of a good pension?
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