A quarter of women are bewildered and nervous when it comes to making decisions regarding their retirement.
When it comes to later life planning, almost a quarter (23%) were worried about making poor decisions that would impact on their retirement finances, according to Fidelity International.
Furthermore, 13% felt overwhelmed and 15% were confused. Overall, the data suggests that 51% of respondents had negative or anxious feelings when it came to their retirement.
Organisations, such as the Financial Conduct Authority (FCA), have historically suggested more advice was needed before people take out their pensions. The data also suggested that over 1 in 10 (12%) women were unaware of who they can contact for help.
Maike Currie, Investment Director for Fidelity International, commented:
“Pension freedoms revolutionised the way savers with Defined Contribution pensions access their pension pots, but clearly there is still a job to do here. Too many women and men still feel anxious and overwhelmed when it comes to the choices around how to access their retirement income.
“This research and sentiment were supported by the take-outs captured at Fidelity International’s third Women & Money Innovation Lab where a working group of policymakers and industry veterans and others came together to discuss pension freedoms and what changes could be made to improve engagement with pensions.
“A key takeaway was that pension freedoms are not really a freedom unless the individual feels well enough informed to make their decision.
“In order to bring about a better pensions outlook for all, we need to ensure that advice is accessible before the point where pensions are being drawn down. Likewise, more provision needs to be made for advice at the point where women are still accumulating their retirement savings.
Should there be more Governmental help available in regard to pensions and later life planning?
