Page 75 - January Phonebox Magazine 2012

Regular readers of this column will know that we have often touched upon planning for your retirement and the worrying legacy of an ageing population. A recent survey conducted by YouGov, on behalf of the Institute of Financial Planning, has shed some light on the public's awareness of this.
In the survey, which polled 2,060 people, it found that less than half of those questioned felt that they would have enough money in retirement to live comfortably on. If this is not worrying enough, 10% felt that they would never have enough to retire on. It is this very concern that is one of the drivers behind the introduction of compulsory pensions for employees which is due to be introduced over the next few years.
The lack of pension provision is further highlighted by the fact that less than a third of those in the survey were currently paying into a pension and 14% admitted to having never paid into a pension at all. It is, therefore, little wonder that so few feel that they will have a comfortable retirement. Whilst for many the reason for this will simply be cost and the more
pressing needs of paying for everyday living when they are younger, there are plenty who can afford to save for retirement that simply choose not to.
There has been an increasing push over recent years to improve the level of financial education at school and certainly getting older children to understand the importance of planning their finances for their entire lifetime would be welcome on a number of levels. The current lack of planning demonstrated by the survey’s results, may be explained by one final finding which showed that only 4% said they would go to an adviser for help with their finances. With a lack of desire to take professional advice, individuals are denying themselves the opportunity to plan properly for the future, when doing nothing is not really a wise option.
If you would like some professional advice regarding planning for your retirement please contact us and remember that initial meetings are always without cost or obligation. Please see our advert below.
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Phonebox Magazine 75