Do you know how much money you will need in retirement? What about how much you already have saved? Do you know what kind of income that might provide? For a large number of people the answer is no. And the reality is stark. More than half of people agreed between 25 and 54 say they feel nervous or unsure about their retirement finances, according to a recent survey carried out by NFU Mutual. Even more concerning, fewer than one in 10 people were very confident they would be financially comfortable in retirement – dropping to just 6 per cent for women.
The country’s growing army of self-employed people could also be on track to increase pensioner poverty. Data from the Office for National Statistics shows that 15 per cent of all people in employment now work for themselves. That means they are not automatically enrolled into a pension scheme and that there’s no employer contributing to their savings. Data from HMRC reveals that the number of self-employed people putting money into pensions has fallen more than 30 per cent in just four years. There is a lot to be worried about when it comes to the nation’s pension wellbeing.
