Just 36% of people believe that their pension will provide a good retirement.
Research by Prudential shows that workers in the UK’s largest cities do not believe their pension fund will provide enough income for them to lead a comfortable lifestyle. Prudential polled over 2,200 workers aged 18 and above (50% of participants were aged over 55) living in the UK’s 17 biggest cities. On average, participants felt they would need a yearly income of £21,120 to live well, with this amount varying in different cites around the country. Londoners think they will need £26,400 per year, for example, while workers in Sheffield expect that £18,750 will be enough.
Here is the data from the UK’s 17 biggest cities…
Vince Smith-Hughes, the retirement income expert at Prudential said “While it is reassuring to see people being realistic about the money they’ll need to live on when they give up work, it is also worrying how many of them fear they haven’t saved enough to be comfortable”.
The good news is that it’s never to early or too late to save for retirement. If you have any concerns or questions about your retirement fund, please get in touch or take a look at our retirement planning services.