Following the news that the government will announce today that it will not bring forward the date the state pension age will rise, Mark Kiddell, Chief Commercial Officer, Wealth Wizards has commented.
He said: “The decision today effectively kicks the can down the road to past the next election. This and the potential further delay to the pensions dashboard, creates greater uncertainty for UK savers around their retirement planning.
“The State Pension provides the foundation of retirement income for most retirees. Our data* shows 1 in 5 savers are seeing a drop in their retirement living standard, since the PLSA updated their benchmarks to reflect rising costs.
“More and more responsibility is being placed on the shoulders of individuals to make sufficient provision for their retirement. But the majority of savers are not getting the guidance or advice they need to be able to effectively plan for their future. And this isn’t going to change until we can put in place trusted, guidance and advice services which are cost effective for both the provider and the individual, to help everyday working people to better understand and engage with their personal finances.
“The only way we see to do this is through digital guidance and advice, with convenient experiences that helps people access the decision-making support they need.
“Financial institutions, including banks, building societies, assurers and adviser businesses, the trusted entities in financial services, have the opportunity to make this happen.”