Pensions Awareness Day: Brits dream of travel in retirement, but their savings could let them down

Published by Rachel Lacey on 14 September 2018.
Last updated on 14 September 2018

50 ways to boost your savings income: boost your retirement income

Travel and holidays remain the number one retirement aspiration for Brits, according to Vitality Invest, with half of Brits (47%) planning to see the world when they finally quit the rat race.

This was followed by 35% who want to spend more time with family and friends and 34% who want to take time out to unwind after a long working life.

However, while many Brits have great plans for their retirement a worrying 44% do not think they have saved enough for the lifestyle they want.

The research from Vitality Invest is timed to coincide with Pensions Awareness Day, a campaign launched by communications company Pension Geeks to raise awareness of the need to save for retirement.

Perhaps unsurprising millennials were the most optimistic about their retirement with only 39% concerned that they will not have saved enough, compared to 50% of 35-50 year olds.

Savers in the capital were most comfortable with their level of saving, with 61% of Londoners believing their retirement savings are on track. However, this plummets to just 33% in the North East and South West and 34% in the East of England.

The survey also asked individuals about their attitudes to healthy living. It found that 65% of Brits think they could make healthier choices now to increase their chances of a long and healthy retirement, but 24% say they would rather enjoy a hectic lifestyle now and deal with the consequences later.

Herschel Meyers, chief executive of Vitality Invest says: “People are living longer and, as our research shows, they want to live full and active later lives. Yet many don’t start saving soon enough to fund those extra years or take the necessary steps to ensure they’re healthy enough to achieve their dreams.

“In fact, nearly half of the people in our study don’t think they’ll have enough money to enjoy their ideal retirement. Pension Awareness Day serves as a good reminder for us to start taking steps today to ensure a better outcome in later life.”

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