Majority of working adults admit to not understanding enough about their pension – ONS survey

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Majority of working adults admit to not understanding enough about their pension – ONS survey

Lifetime news

Posted on: 05/08/2020

The majority of working adults admit to not understanding enough about pensions to make important decisions about their retirement.

That is according to new data emerging from the Office of National Statistics.

The Wealth and Assets survey carried out by the ONS revealed that only 44 per cent of working adults felt they had enough understanding of pensions, and their workings, so that they could feel confident about making key decisions about their retirement plans.

The survey looked at a whole raft of data, including attitudes towards pensions and long-term savings planning.

Pension saving has increased significantly in the last few years, largely due to the implementation of auto enrolment, but there still appears to be a worrying lack of understanding.

The ONS survey also revealed that just one-in-three (32 per cent) working adults have given any consideration to how many years of retirement they need money for. Yet, at the same time, 1.5 million adults have taken advantage of the pension freedoms since they were introduced in 2015.

This latest report only re-emphasise the need for better education, engagement, information and quality advice around pensions, and finances in general.

Lifetime offer specialist pension and retirement planning advice to clients as part of the company’s overall digital financial planning package.

Maintaining your standard of living when you have retired from work is one of the biggest challenges people face. Planning when to retire and how to pay for it can be an insurmountable task without having a financial plan in place.

If you need help with your pension then please telephone us on 01226 208600, or email office@lifetime-fm.com

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