According to new research, the majority of UK over 55s (62%) are largely unaware of the amount of money they’ll be able to bequeath to their next of kin following death.
The data from Momentum UK also indicated that half of those in this age group have no idea when they’ll be able to retire. Only 41% are aware of how much they would need in their pension pot in order to afford a comfortable retirement.
When looking at retirement awareness in regards to all ages however, the level of uncertainty simply increases. The statistics indicate that 73% of adults within the UK did not know when they’d be able to retire, whilst 77% were unaware as to how much they’d need in order to do so.
A potential contributor to the level of uncertainty may be the inability to review short-term finances alongside longer-term finances e.g. pension funds and saving accounts. Out of the over-55s asked, 60% stated that they were unsatisfied that they were unable to view all finances in one location, with the figure reaching 69% for recipients of all ages.
Commenting on the figures was Samantha Seaton, who highlighted the level of retirement uncertainty that many people are facing. The Managing Director of Momentum UK stated: “It’s extremely worrying that so many people aged 55 and over are living in such uncertainty, when they should be looking forward to a comfortable retirement. With most people now living longer and retirement becoming increasingly costly, this issue will only grow in severity.”
