Article by Phil
Standard Life have recently released the finding from their latest “Retirement Voice 2022” survey, which looked at how 6,000 people feel about their finances and retirement plans.
They compared this year’s findings to those from 2021 to see how things have changed in the last 12 months. So, how do people feel:
- 47% of people feel positive about their financial situation and retirement plans. For those with a Financial Adviser this increases to 57%. For those with household incomes over £100k the figure is nearly 70%. Not surprising perhaps.
- 58% of people are concerned that they will run out of money.
- 15% of over 65’s say they have decided to go back to work.
- Nearly 80% said that they wanted to prioritise guaranteed incomes and 50% said they wanted to cut down on their investment risks. Showing that people are becoming more cautious.
- 72% of people have still not made serious retirement plans. Those who have made plans feel overwhelmingly more secure about their futures. Almost 90%.
- Almost 50% would like to know how much money their pensions are going to give them in retirement.
- But only one in three want to know if they are paying enough into their pensions.
- 44% think that they can access all the information about savings and pensions easily, but 41% say they don’t understand the information available.
On the back of these findings, Standard Life’s view is that people need to better understand how they can achieve security of income. More people need to start planning for retirement. And there needs to be more straight forward information available to help people to understand their personal finances and retirement plans.
We can help with all of these points.
