Only a quarter of UK adults claim to understand new pension rules suggests new research

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Only a quarter of UK adults claim to understand new pension rules suggests new research

Lifetime news

Posted on: 15/12/2014

New research has suggested that over 40 per cent of people over the age of 55 are not confident they will have enough money to do what they dream of doing in retirement.

And that only a quarter (25%) of UK adults claim to understand the new pension rules that were announced by the government earlier in the year.

The research, carried out on behalf of unbiased.co.uk,  has revealed that a lot of UK adults would love to make journeys around the world when they retire – but are unsure whether they will be properly prepared financially to realise their dreams.

Taking regular holidays, going travelling, and taking a cruise all feature in the top four dreams for retirement, but when asked how they feel about having enough money in retirement to go on those sort of trips, only 16% of UK adults said they were ‘very confident’.

This compares to 43% who said they weren’t confident about affording their dream retirement.

The younger generation, who have the longest time to prepare for their retirement, are the most certain they will reach their goals, with 52% of the 18-34 age group saying they are confident about their finances in retirement.

However, those closer to retirement were much less certain. Of those surveyed, 49% aged 35-54 and 43% of the over 55s admitted they were not confident they could afford to do the things they dreamed of doing in retirement.

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