Whats your number?
We have launched an important piece of research – What’s your number? – which sheds light on how people are saving for their retirement and their attitudes towards planning for their financial future. This is a highly important subject for our business, our clients and society as a whole.
The report highlights the thoughts and opinions of three audiences:
- A representative sample of 1,000 UK adults
- 500 UK adults with more than £100,000 in personal savings and investments, excluding property and pensions
- 250 financial advisers
Key findings in the research include:
- On average, UK adults believe they need £34,000 a year to fund a comfortable retirement – this would require a pension pot of almost £1 million. A quarter of UK adults have no idea how much money they will need in retirement
- 55% of UK adults don’t think they will be able to save enough to retire when they want and 14% expect to work in later years to support their lifestyle
- Men are more confident than women that they will be able to retire when they want (54% compared to 36%)
- 48% of those who responded to our research said they had never spoken to a financial adviser, the two most popular reasons being ‘I can manage it myself’ (34%) and ‘It’ll cost too much’ (32%)
- But of those who had spoken to a financial adviser, 59% felt confident they would achieve their target savings pot
- Many people reported that despite knowing their lottery number, they don’t know what pension pot they’ll need
Hard copies of the research will be available towards the end of this week, so please do think about clients or contacts who might like to receive it or events that you could take it to.
Alongside the research, we have also launched an online calculator to help people understand whether they are on course to achieve “their number”. This as well as a suite of other life calculators has gone live on our website, supported by a social media campaign to help drive new clients into our wealth planning business.
If you have any queries about the report or the campaign, please email email@example.com