New research conducted by My Pension Expert has revealed that millions of individuals aged 55 and above in the UK are facing potential financial difficulties in their retirement.
My Pension Expert, the leading adviser for retirement planning in the UK, commissioned an independent survey of 2,000 UK adults. The findings indicate that only 46% of respondents currently have a financial plan in place for their retirement. Among those aged 55 and above, this figure increases only slightly to 47%.
In terms of retirement savings, just 51% of adults are aware of the amount in their pension accounts. Again, there is only a slight increase (to 56%) among those aged 55 and above. The research also highlights that less than a third (32%) of individuals over the age of 55 are confident that they will retire with sufficient funds to achieve their desired lifestyle.
Additionally, the study reveals that only 16% of individuals aged 55 and over regularly utilize the services of a wealth manager or independent financial adviser (IFA). Furthermore, just 19% have consulted an IFA in the past 12 months to seek guidance on adapting their pension plans to the current economic climate.
Lily Megson, Policy Director at My Pension Expert, commented on the research's significance, emphasizing that it underscores a crucial issue for those nearing retirement. She highlighted the risk of an uncertain financial future for millions who lack knowledge about their pension's value and lack a clear financial plan to attain their desired retirement lifestyle.