Single Brits with children are the least likely to feel prepared for retirement, according to research from You Gov and national financial advice firm Continuum.
How many children the over 2,000 Brits surveyed had was one of the most likely variables to affect their confidence in their financial preparations for life after leaving the workforce.
Only 31% of Brits with 3 or more children felt confident that they would be able to have financial freedom in retirement, in comparison to 47% of those without children.
The age of the children was also a key factor, with confidence of their parents in their preparations for retirement rising considerably for those whose children were over 18. Those with children between the ages of 5 and 11 were the most likely to have fears about their financial future, with 61% having concerns about their financial freedom in retirement.
How confident are you that you will be able to have financial freedom in retirement?
| With 0 children | 1 child | 2 children | 3 or more children | |
| Confident | 47% | 33% | 38% | 31% |
| Not confident | 44% | 58% | 54% | 62% |
| Unsure | 9% | 9% | 8% | 7% |
Marital status was also a key indicator of how well-prepared Brits’ finances were for retirement.
Whilst 53% of married Brits, and those in civil partnerships, were confident they would be able to have financial freedom in retirement, this fell to 31% for those living together.
Widowed Brits were more likely to be confident (40%) in their preparation than those who were separated (30%) or single (28%).
How confident are you that you will be able to have financial freedom in retirement?
| Married/civil partnership | Living together | Separated/divorced | Widowed | Single | |
| Confident | 53% | 31% | 30% | 40% | 28% |
| Not confident | 40% | 58% | 62% | 51% | 55% |
| Unsure | 7% | 11% | 8% | 9% | 16% |
Ian O’Dowd, Independent Financial Adviser at Continuum, said: “According to the recent YouGov survey it seems that Parents with children between the ages of 17 and 18 were the least likely to think they would have financial freedom in retirement, with only 31% expecting to be able to continue their current lifestyle in retirement. At the age of 17-18 many Brits are preparing to leave the nest, and/or go into further education. Whilst this is an exciting time for young Britons, it appears to be a time of financial concern for their parents whose finances can be stretched helping their youngsters to achieve their dreams.
“Single parents in particular are feeling financially unprepared for retirement, with less than a third of singletons telling us they are feeling confident that they will be able to have financial freedom in retirement.
“A good financial adviser can make all the difference with your financial preparations for retirement, and with helping you feel prepared. However, single Brits were the least likely to have sought the advice of a financial adviser with only one in ten having done so in comparison to 18% of counterparts who were married or in a civil partnership.
“Financial advisers, and the government, need to do more to improve access to advice. At Continuum we firmly believe that financial advice is for all, not just the wealthy.”
The revelation comes less than a month after research from Continuum showed that half of Britons are not confident they will be able to have financial freedom when they stop work. Please contact our media team for a copy of the press release,
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2067 adults. Fieldwork was undertaken between 28th – 30th June 2024. The survey was carried out online on behalf of Continuum. The figures have been weighted and are representative of all UK adults (aged 18+).
Editors Notes – About Continuum
Continuum, headquartered in Plymouth, was established in 2014 by founding partner, Martin Brown, as a National IFA brand to offer a modern, new financial advice experience.
The business focuses on creating a three-way partnership between Continuum, the adviser and the client, in an environment where each party can only succeed and grow if the other parties also succeed and grow.
By educating customers through an award-winning financial education programme and offering our clients a loyalty programme, Continuum develops long-term relationships strongly endorsed though market leading Net Promoter Scores – most recent customer survey in February 2024 delivered a score of +91.
An in-house discretionary model portfolio service, My Continuum Wealth, was initiated in July 2021 to offer an exclusive MPS (Model Portfolio Service) to Continuum advisers.
Continuum now holds assets under influence in excess of £2 billion.
In December 2020 Continuum was awarded ESG kitemark (ESGmark) accreditation in recognition of its business approach of Environmental, Social Responsibility and Governance matters.
Continuum is a trading name of Continuum (Financial Services) LLP which is authorised and regulated by the Financial Conduct Authority. Continuum (Financial Services) LLP is a Limited Liability Partnership
