Over a third of UK adults aged 40 and over expect to be working into their seventies, new research from My Pension Expert has revealed.
The UK’s leading at-retirement adviser commissioned Opinium to conduct an independent survey of 2,000 UK adults, finding that 35% of over-40s with a workplace pension believe they will still be working in their seventies.
Less than two fifths of over-40s (38%) said they feel confident that they will be able to enjoy a comfortable retirement based on their current pension pot and savings, while 39% of UK adults surveyed say that retirement planning is a frequent source of stress and anxiety.
When it comes to workplace support, a quarter (25%) of over-40s still in work said that their employer does not provide adequate information about their workplace pension, such as who their provider is or how their pension is performing. Meanwhile, 22% have not heard anything about their workplace pension since they first enrolled with their current employer.
My Pension Expert’s revealed that UK employees want more from their organisations, with 72% stating that it is their employer’s responsibility to ensure they can access information about their workplace pension.
Additionally, when asked when asked to choose from a list of employer policies that would best support retirement planning, 30% chose ‘providing access to independent financial advice’ as a benefit they would want – it was the third most commonly selected choice behind ‘increasing employer contributions into the workplace pension’ (45%) and ‘allowing employees to take a phased retirement’ (36%).
Lily Megson, Policy Director at My Pension Expert, commented on the findings: “It’s clear that UK employees, particularly those aged between 40 and 60, are crying out for more support when it comes to their pensions and retirement planning. And they are right to. Pensions are one of the biggest financial commitments a person will make, yet many feel they are left to figure it out alone.
“Naturally, people are looking to their employers for support. The workplace plays a huge role in our lives, so it makes sense that it should also be a source of financial confidence. But our research shows that, for many, this simply isn’t happening. Too many employees are enrolled into workplace pensions and then hear nothing more, leaving them unaware of how their hard-earned savings are performing or what their options are for the future.
“That said, the onus shouldn’t lie solely on employers. The government has dedicated plenty of time to pension reforms aimed at boosting the economy and helping businesses. But let’s not forget whose money is at the centre of all this – employees’ pension funds. Their financial security in retirement must be the priority. Greater transparency, engagement, and access to financial education are all absolutely vital in ensuring workplace pensions are delivering what employees need.”
|
