Three in 10 Moneywise users can’t afford to save for retirement

28 October 2016
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Three in 10 (30%) Moneywise.co.uk users don’t think they’re saving enough for retirement, and can’t afford to put more money into a pension.

The results of our latest poll, which asked: “Do you think you’re saving enough into your pension?” also found that a further 10% don’t believe they’re saving enough, although they do plan to increase contributions in future.

Our findings echo research published by insurer Aviva this week, which found that almost three in five (59%) UK adults are worried about having enough money to last them in retirement.

 

But Alistair McQueen, savings and retirement manager at Aviva, says you can do something about it: “An important starting point is to picture your older self and the life you might lead once you retire.

“Identifying the retirement budget you need to make this possible makes it less daunting to start saving towards it. Even though money remains tight for many people day to day, a modest change in saving habits can give you a much brighter financial outlook once you retire.”

 

On a more positive note, 23% of the 639 people who voted in our poll said they’ve always put away a decent amount into their pension, while 12% say they are currently saving enough – although they’ve had to play catch-up to do so.

See the full results in the pie chart below (click the image to enlarge).

 

pension-payments-poll-results

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