LV= study: 41% of workers confident in retirement savings

13 Jan 2021

Just 41% of non-retirees in the UK are confident they will have sufficient retirement savings, as per latest research from LV=.

The LV= Wealth and Wellbeing Monitor also revealed that 68% of non-retired women were not confident they had sufficient savings, in comparison to 50% of men.

In addition, says a Pensions Age report, 30% of non-retired UK adults claim to be unsure when they will retire, whilst one in four people between the ages of 55 and 64 don’t know when they’ll retire.

The findings also revealed that 65% of people who has consulted a financial adviser regarding retirement are confident they will have sufficient retirement savings, compared to 41% of the general public.

LV= managing director of savings and retirement, Clive Bolton, said: “LV=’s Wealth and Wellbeing Monitor highlights how many people are understandably worried about the future in the current situation. However, it’s striking to see how consulting a financial adviser makes them become much more confident about their finances and retirement plans.

“Advisers have a vital role to play when it comes to long-term saving for retirement.”

Moreover, the study shows 25% of mass affluent adults said they are planning to retire before the state retirement age, compared to 12% of the general population.

These mass affluent adults aged between 55-64 were 18% more likely to have sought advice from a financial adviser, compared to 10% of the general population.

Bolton continued: “LV=’s research indicates that those people who are confident about their retirement plans are much more likely to have consulted a financial adviser, discussed their retirement plans with their partner and increased their pension contributions.

“The cost of taking good financial advice represents is money well spent. Research indicates that people who take financial advice are better off in retirement than those who don’t.”