One-third of the Adult Population in the UK are Oblivious on the Amount They Could Earn From Pension Savings

... Credit :
Shadrach   in Alternatives

Last updated: 08 January 2020, 05:07 GMT

33% of the adult population in the UK are oblivious on how much money they have saved in their pension pots.

It was also found that 92% of adults in the UK were unaware of how much they need to save for their retirement to have a comfortable life once they retire. 

The average pension pot is £298,000. However, 62 per cent of people aged between 18 and 34 underestimated how much they would need to live comfortably in retirement.

Furthermore, 16 percent of this cohort believed that they would only need between £50,001 and £100,000 for a comfortable life in retirement.

Promoted Recommendations

Brits face all sorts of calls on their money and it’s easy to see why the cost of everyday living can trump longer-term objectives such as saving for retirement - especially if you’re not fully aware of how much you’ll need in retirement.

But anyone who can get into the savings habit gives themselves a better chance of building up the sort of pension that is needed to fund to have a comfortable lifestyle once they stop work.

Anyone who has dependents should consider life insurance in order to ensure financial security for their loved ones. Policies can be set up to pay off a mortgage and other debt, as well as help provide money to meet the day-to-day financial needs of those left behind if the policyholder passes away.

It is important that people would take the time to look for a policy that’s best suited for their needs.