1 in 3 affluent savers upping pension contributions

A third (32%) of mass affluent savers between 35 and 54 are planning to increase their pension contributions, according to a new study. Younger savers (18-34) are focused on reviewing insurance products, with 43% reviewing their coverage, and 45% are planning to increase their savings. According to a report from challenger bank Monument, for those over the age of 55, the focus is on savings with 45% prioritising it, although only 25% planned to increase their contributions. The over-55s are also far more focused on inheritance tax (30%) and generic tax planning including CGT and income tax (21%). Savings topped the tables for all age groups, with nearly half of all mass affluents (48%) saying they will be reviewing their savings following the general election. This was followed by 31% who said they would review their stock market investments and 29% who said they will review their retirement provisions. According to Monument, Labour has sparked an "age divide" in how the mass affluent are addressing their personal finances. Ian Rand, CEO at Monument Bank, said: “The recent general election served as a timely reminder for many to take stock of their financial health and make necessary adjustments to secure their future. Our latest survey highlights some fascinating age divides in how the mass affluent are responding to this new political landscape. “Younger generations, particularly Gen Z and young Millennials, are keenly aware of the need to safeguard their future, by prioritising things such as their insurance and retirement provisions. On the other hand, those over 55 are less focused on these areas, which might reflect a different set of priorities or a sense of financial stability.” Opinium surveyed 1,000 UK adults with over £100,000 in financial assets, excluding their main residence and pension, on behalf of Monument Bank between 13 September and 20 September.

1 in 3 affluent savers upping pension contributions

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