Four out of five Brits unhappy with pension pots

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07 Sep, 2017

Four out of five Brits unhappy with pension pots

Almost 30 percent of people over the age of 55 are unsure if they will be able to retire on their current savings, according to new research from Pension Geeks.

Four out of five Brits are unhappy with the amount they are putting into their pension fund every month, while one in four people regret not starting to save for retirement earlier in life.

According to the study, it is evident that there is a lack of pension knowledge among UK adults, with less than one in 10 confident they have an in-depth understanding.

Almost nine in 10 think there is not enough information about pensions readily available to them, and a 25 percent believe the information that is available is too complicated to understand.

According to Jonathan Bland, co-founder of Pension Geeks, the research has “uncovered some thought-provoking findings on the state of pensions and pension awareness in the UK”.

He added: “While auto-enrolment has been a success with four in five people planning to stay enrolled, as a nation we just are not engaged enough when it comes to how much we are saving and some of that responsibility is actually on us as an industry to do more to help”.

The findings come after the latest Scottish Widows Retirement Report, which revealed the number of people saving sufficiently for retirement has stalled at 56 percent for the third consecutive year, with almost a fifth of the UK adult population not saving at all - that is more than nine million people.

Pensions expert at Scottish Widows, Robert Cochran, said: “Automatic enrolment has undoubtedly been a success for millions of UK adults who have started saving towards retirement for the first time”.

“However, as the level of saving has stalled over the past few years, it is obvious even more needs to be done across the industry to better educate people on the importance of putting away as much as they can towards retirement,” he added.

Providers “better engage with the younger generation through technology and information that can be made readily available and easy to digest,” he concluded.

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