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Pounds and Pensions

Pounds AND Pensions HOW BRITONS SAVE FOR RETIREMENT Still reeling from the global economic turmoil of the last few years, people of all ages have retirement on the brain. Is it still possible? What's the best way to ensure we can be financially secure in retirement? We explore how we're preparing for our golden years. RETIREMENT ON THE MIND How Britons Plan to Get By Most of us plan to rely on a pension - be it occupational, personal, or state – during retirement. Largest Expected Source of Retirement Income IA? 44% 26% 10% 8% 545 Occupational or personal pension Savings or investments State pension Home Future Other equity inheritance Second property * Due to rounding, figures exceed 100 pero Attitudes Towards Saving Though the majority of Britons believe they'll mostly rely on pensions during retirement, a slightly greater proportion believe property is the best way to save for their golden years. ES% 42% g8% believe property is the best way to save for retirement. believe a pension is the best vay to save for retirement. believe they know enough about pensions to make decisions. prefer living today than saving for retirement. * Figures reflect per cent of respondents who agreed with each statement. PREPARING FOR RETIREMENT TODAY Who's Saving for Retirement? - How Britons Are Using Pensions A majority of emplloyed adults are contributing to a pension, but it's only a slim majority. Among those who do save into a pension for retirement, doing so through an employer is by far the most popular way. 55% 45% 87% Saving into a pension Not saving into a pension Save using occupational pension only 10% Save using personal pension only 4% Save using personal and occupational pensions * Due to rounding, figures exceed 100 per cent Attitudes Towards Financial Risk Most Britons are averse to risk – most would choose a guaranteed £1,000 over a one-in-five chance of receiving £10,000. But they're also financially impatient - preferring to receive £1,000 today over £1,100 in one year. 23% 22% * Figures reflect per cent of respondents who agreed with each statement Financially patient Risk tolerant: 76% 77% Financially impatient Risk averse BRITONS' SAVINGS VERSUS DEBTS Liquid Savings Liquid Debt More people prefer to build up their liquid assets before saving Outstanding debts often stand in the way of saving for retirement. Luckily, a majority of Britons report they have no liquid debt, which into a pension. However, most Britons have less than £2,500 in includes amount owed on credit cards, overdrafts, household bills, etc. liquid savings, which includes savings accounts, ISAS, National Savings products, etc. 60% 50% .*............ 51% Distribution of Liquid Savings Distribution of Liquid Debt 40% VS 33% 30% 30% 20% 10% 10% 9% 9% 8% 8% 8% 8% 4% 0% to * Due to rounding, figures exceed 100 per cent. SOURCES: INSTITUTE FOR SOCIAL AND ECONOMIC RESEARCH, STRATEGIC SOCIETY CENTRE Confused.com (%00L - %0) ədejuə S8UIAES pinbij oN El to £2,500 £2,500 to £5,000 £SK to E10K E1OK to £20K E20K to £30K E30K+

Pounds and Pensions

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Still reeling from the global economic turmoil of recent years, people of all ages have retirement on the brain. Is it still possible? What's the best way to ensure financially security in retirement?...

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Confused.com

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Lifestyle
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