Britons have cautioned that unless you act now, retirement age would become “more and more unreachable.”
According to new research, Britons in their twenties are not saving enough for their retirement. Failure to save enough money for retirement could have serious ramifications for UK employees in the future. This website has received special advice from a top financial consultant for young individuals wishing to increase their pension savings.
According to new study, one in every five Britons aged 22 to 29 does not contribute to their pension, and just 15.6 percent of millennials contribute 7% or more to their retirement. In comparison, 26% of people aged 40 to 54 contribute at least 7% of their income to their pension fund. Savers between the ages of 22 and 29 are more likely to contribute three to four percent of their income, which may not be enough to provide enough retirement savings in the long run.
Investing Reviews conducted the study, which looked at how Brits contribute to their pensions. It looked at UK data on workplace pensions to find out how many people are enrolled by location, age group, and employment, as well as where the UK ranks globally in terms of workplace pensions.
The UK was also found to have one of the lowest percentages of pre-retirement earnings, at 28.5 percent, less than half of the global average of 59.8 percent, according to the study.
The research was discussed by Simon Lister, a financial author for Investing Reviews.
“The average age of retirement is rising, so it’s critical to get your finances in order and start contributing to your pension,” he said. One in every five Britons aged 22 to 29 does not contribute to their pension, which is worrying!
“If you don’t start contributing to your pension as soon as feasible, the age of retirement will become increasingly unattainable.
“There isn’t enough education about pensions and state pensions; Britons are turning to Google for pension information; many people have no idea how or when/if they will retire.
“As a country, we have one of the lowest rates of pre-retirement earnings in retirement, with only 38%. Stats like these only add to the fear of retirement that many people are experiencing.
“There has been a lot spoken about the triple lock state pension and what is likely to happen. “Brinkwire Summary News” has a lot of people worried.