ERS Report Reveals That Brits Have Unrealistic Retirement Aspirations
MANCHESTER, England--(BUSINESS WIRE)--May 9, 2019--A nation-wide UK survey produced by Equity Release Supermarket has revealed that there is a clear disconnect between many people’s retirement aspirations and their current financial provision.
Speaking to a diverse sample of 4000 people, the Retirement Reality Report results showed that an overwhelming portion of people are either uncertain or unrealistic about retirement.
ERS’s findings suggest that many people’s goals for retirement have little bearing on any financial plans they are currently making. Nearly half said that they want to travel regularly in their golden years; however, 22 per cent said they have not yet begun to save for retirement. Perhaps even more alarming is that 6 per cent of respondents said that they don’t ever expect to retire.
Just a quarter of respondents said they had an idea how much they were expected to live on in retirement, yet, perhaps more reassuringly, nearly half of these said they felt fully or somewhat prepared for retirement. This indicates that while people may feel ready or organised, that feeling, when asked to attach any real numbers to it, falls short.
Of the proportion of people who feel somewhat or fully prepared for retirement (roughly 28 per cent), 59 per cent said they don’t know how much money they are expected to live on, 29 per cent have no additional provision in place beyond their state pension, and 71 per cent have not consulted a financial adviser.
Dom Wilkinson, Marketing Director at Equity Release Supermarket, says the gap between retirement aspirations and reality is something the team sees often:
“To live comfortably in retirement now, an individual needs to supplement a full state pension with about £12,000 per year. For a 20-year retirement, this amounts to a pension pot of £240,000. The reality is that the average pension pot is little over £30,000. Where do we think we’ll find the missing £210,000?”
You can read more by downloading the Retirement Reality Report, here: https://www.equityreleasesupermarket.com/news/details/does-the-reality-of-retirement-match-the-uks-aspirations
View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005052/en/
CONTACT: Alexandra Ashton
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING FINANCE
SOURCE: Equity Release Supermarket
Copyright Business Wire 2019.
PUB: 05/09/2019 06:58 AM/DISC: 05/09/2019 06:58 AM