Author Topic: Pension survey (UK) - people more concerned about their looks than savings  (Read 1253 times)

force majeure

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Research from Aviva has found that 59% of UK adults surveyed are worried about having enough money to last them in retirement, with only 13% saying they have no worries at all that their savings will last the latter hopefully being on the ball when it comes to retirement saving! While it looks like the majority are at least concerned about their lack of preparation, only 44% are actively saving, and just 31% check each month to see if they could afford to save more.
 
However, even active saving may not be enough, as of the 44% who are taking proactive steps to save, 58% are still worried that they won't have enough. Perhaps unsurprisingly, concerns about retirement saving were found to peak at certain ages, with 73% of those aged 35-44 being worried that their savings won't be enough to last arguably as they begin to realise just how much they'll need to squirrel away over the next couple of decades followed by 70% of 25-34 year-olds.
 
A particularly concerning finding was the fact that almost one in four (23%) of those surveyed worry more about their looks than their pension when thinking about getting older, with 22% spending more each month on personal grooming than retirement saving. Again, the figures differ according to age, with 35% of those aged 25-34 saying they worry more about their looks and 38% spending more on grooming, despite the fact that 70% of this group are worried their savings won't be sufficient.

Squirrel away

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A particularly concerning finding was the fact that almost one in four (23%) of those surveyed worry more about their looks than their pension when thinking about getting older, with 22% spending more each month on personal grooming than retirement saving. Again, the figures differ according to age, with 35% of those aged 25-34 saying they worry more about their looks and 38% spending more on grooming, despite the fact that 70% of this group are worried their savings won't be sufficient.

Lol, it's nice to know that they have their priorities straight.:)

UKMustache

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It doesn't surprise me. 

I went to a focus group for Aviva once, they were rolling something pension related out (basically moving peoples funds to something with higher charges and lower returns) and wanted opinions on how the letter should be worded.

The things I heard in that room astounded me.  None of them had any idea how pensions worked or understood the implications of the changes being outlined in the letter.  I was the youngest (mid-twenties) and most were aged 40-55.

My favourite moment was when a professional bloke (IT manager of some description) in his 50's told me he didn't need to worry about putting money into his pension for a few more years.  *facepalm*