Nearly half of savers fear retirement income will be insufficient

New research has found that nearly half of UK adults (44%) believe they will fail to save enough in their pension to enjoy their “ideal retirement.” Many people have similar retirement dreams of travelling the world and spending more time with family and friends but a significant number believe they will have saved too little to do all the things they dream of in retirement.Millennials are the most optimistic about realising their plans for later life, with just 39% believing they will not have enough savings to enjoy retirement. The middle aged are the most worried, with half (50%) of 35-54-year olds saying they do not think they will be able to fund their “perfect later life.” Londoners - who have the UK’s highest disposable income - are the most positive about retirement planning. Almost two-thirds (61%) believe they will have the money to fund their ideal retirement. Outside the capital only 33% of non-retired people in both the North East and South West, 34% in the East of England and 39% in both Wales and Scotland, believe they will have the savings to enjoy their best later life. The research from VitalityInvest found that many Britons are looking forward to retirement, planning to travel the world and explore new places (47%), spend more time with family and friends (35%) and take time to relax (34%).The research was released to coincide with Pension Awareness Day this week.The survey also asked individuals about their attitudes towards living a healthy life now to ensure a better retirement. Nearly two-thirds (65%) thought they could make healthier choices today to enable them to enjoy retirement more. Additionally, nearly a quarter (24%) of people would rather lead a hectic lifestyle now - including working late hours and not taking breaks - than look after their mental wellbeing in preparation for later life. This “live fast”mentality is most prevalent in the capital and in the young, with a third (32%) of millennials and more than a third of Londoners (38%) preferring a hectic lifestyle to looking after their mental wellbeing to help ensure a healthy retirement. Herschel Mayers, CEO of VitalityInvest and VitalityLife, said: “People are living longer and, as our research shows, they want to live full and active later lives. Yet many don’t start saving soon enough to fund those extra years or take the necessary steps to ensure they’re healthy enough to achieve their dreams.“In fact, nearly half of the people in our study don’t think they’ll have enough money to enjoy their ideal retirement. Pension Awareness Day serves as a good reminder for us to start taking steps today to ensure a better outcome in later life.”Vitality commissioned market research consultancy Opinium to conduct UK-wide consumer polling with 1,500 adults under 65 in August and September 2018.

Nearly half of savers fear retirement income will be insufficient

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