• Research has highlighted serious gaps in Brit’s knowledge when it comes to planning for later life.
• Key findings include a third of Brits unaware of their retirement age, only 1 in 5 confident they will have enough equity to survive in retirement, and 1 in 5 admitting they have no future financial plans.
• With 60% admitting they may need independent financial advice but find it too costly, could we be heading towards a later-life crisis?
Research, conducted following the worst of the financial impact of the pandemic, has revealed shocking statistics around Brits’ understanding of the planning required for later life. As Britons face a later retirement age, increasing living costs and a potential future recession following the impact of Covid-19, the response to the survey has identified a greater need for financial education, in all ages across society.
The research, conducted by Saffron Building Society, as part of its ‘It’s more...