Wealth of Advice, Swale House, Mandale Business Park, Durham, DH1 1TH
An increasing number of workers fear they will never be able to retire, research from Wealth at Work has suggested.
The research revealed that 39 per cent of people in full-time employment believe they won’t be able to retire due to the rising cost of living, up from 33 per cent in 2023.
Those aged 35-44 are most likely to believe they will never be able to afford to retire, with almost half (46 per cent) of workers in this age group thinking this.
Others have also opted to delay their retirement due to the rising cost of living, as the survey found that almost a third (32 per cent) of workers are looking to delay their retirement, up from around one in five (21 per cent) just 12 months ago.
Just over eight in ten (81 per cent) are also concerned that it means they will be less comfortable in retirement due to a shortfall in savings, with the same amount (81 per cent) concerned they will have to work longer to make up for the shortfall.
Savers are also looking for more support, as 41 per cent don’t feel supported in their workplace when it comes to getting help to understand their finances.
In addition to this, 54 per cent would seek guidance about their pension from someone unqualified like family and friends, or no one at all, and only 14 per cent would speak to their employer.
Commenting on this, Wealth at Work director Jonathan Watts-Lay noted that while it is very common for people to turn to their friends and family for guidance on their pensions, they may not be the most qualified or indeed knowledgeable source.
He continued: “Many leading employers recognise the need to help their employees improve the way they manage their money and better prepare for later life and therefore provide financial wellbeing support in the workplace.
“This could include financial education and guidance programmes, as well as access to savings vehicles such as workplace ISAs or share plans and also pension consolidation services to help people manage their pension savings effectively.
“Ultimately, empowering employees by providing them with access to appropriate support at the right time can improve financial capability which should result in better outcomes for all."
If you want a better view of what your future could be, we'll have a chat over a cup of coffee in our Durham office and work out if we can add any value to your financial picture.
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