New research from Canada Life reveals that 13% of UK adults that are not currently retired, are never planning to give up work. Unfortunately, this may be due in part to the cost-of-living crisis, with more than a third (34%) of people’s retirement plans altered as a consequence. This includes one in four (26%) over 55s, around 2.2 million people.
Of those who are yet to retire, an alarming proportion have no detailed plans in place. One in five (19%) of those aged 55 and over still have no plans at all, whilst a further 45% claim their plans are not detailed. One in 10 (10%) Brits have never thought about planning for this life milestone – and don’t intend to either, essentially leaving their later years to fate. On the flip side, more than a third (35%) of retirees wish they had planned for their retirement more thoroughly in advance.
For those who have started thinking about their retirement, the average age is 37. On average, men start to think about retirement a few years younger than women (35 vs 39).
The majority of those who have started to think about retirement haven’t spoken to a financial adviser about their plans (71%) and amongst that group, just 49% would consider doing so.
Tom Evans, Managing Director of Retirement, Canada Life said: “The old adage ‘fail to prepare and prepare to fail’ absolutely applies when it comes to planning for retirement. Worryingly, our research shows that many people are adopting a ‘bury your head in the sand’ mentality. Retirement may feel like a lifetime away, but the sooner you plan, the more empowered you will feel when it comes to your financial future. No matter what age you are, a financial adviser can be invaluable in helping you to plan for and achieve your ideal retirement.”
Canada Life are proud to be an ambassador at this year’s Pension Awareness Week. Marking their 10th anniversary this year, Pension Awareness Week is dedicated to encouraging people of all ages to engage with their pension and promoting the importance of investing and saving for the future.
Shelley Greenwood, Head of Investment Proposition, Wealth at Canada Life and Emma Napier, Consulting Director at NextWealth will be joining the Pension Geeks as part of their support for Pension Awareness Week. The talk will be livestreamed at 10am on Friday 15th September. They will be covering how financial advice can help with retirement planning. Viewers can tune in via https://pensionawarenessday.com/videos/how-can-financial-advice-help-me
