PRN: A Third of Under 35 Year Olds in Denial About Their Pension

05/mar/2012 12.01.29 PR Newswire Turismo Contatta l'autore

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A Third of Under 35 Year Olds in Denial About Their Pension

 
[05-March-2012]
 

LONDON, March 5, 2012 /PRNewswire/ --

A new survey shows that many people are still in the dark when it comes to the reality of retirement.

The survey was commissioned by The Lolly, Citywire's new online brand for people who want to sort out their finances but don't know how.

The results show that people are worried about not having enough money to live on when they reach retirement, despite the fact that many save nothing towards it.

Key findings show:

  • Despite the state pension age increasing to 68 by 2018, nearly a third of 26 - 34 year olds (29.5%) want to retire aged 55-60, whilst overall, people still want to retire between 61-64 years of age (29%). These stats indicate people are either not taking the state pension increase seriously, or are living in denial about how long they could live in retirement and how much money they will need.
  • Worryingly 15% of 26 - 34 years olds had no idea how much they'd need to save for a £20k a year pension, with 11.8% of  35-44 year olds saying the same
  • Across all age ranges the majority of people said they would like to have an income of £30k in retirement, yet…
  • …one in 10 people are saving nothing into a pension. This increases to 12.7% for 26-34 year olds.
  • Everyone's biggest concern is having enough money to live on but the older they get the more 'being seen as old' becomes the biggest concern.
  • Travelling is everyone's top way to spend their retirement fund, although the older people get the more their top spending priority is supporting their children and grandchildren.

Gavin Lumsden, Editor of The Lolly, said:

'Lots of people have a blind spot about saving for retirement. There is so much negative news about pensions and everything is so complex that it's easy to be put off. But the fact is if people don't start planning and changing their expectations they're in for a real shock when they retire.

'AtThe Lolly  we're trying to put that right with positive and practical guidance on the best way to save and grow your money.'

The Lolly is hosted @ citywire.co.uk/money/the-lolly

Media information

  • The survey is based on the answers of 1,285 survey respondents
  • The Lolly is a new online brand from Citywire Money which has been set up to give people simple, straightforward and achievable financial advice that they can actually use.  The content is hosted on the Citywire Money website and is written by its team of independent journalists.
  • Citywire Money is an independent website for anyone interested in making the most of their money. It is owned by Citywire Financial Publishers, one of Britain's fastest growing and innovative publishing groups.

For more information contact Gavin Lumsden @ glumsden@citywire.co.uk, or +44(0)20-7840-2256

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