Pension UK: Average pot sizes are only £42k, which is only 18% of what is suggested – act now!
PENSION SAVINGS are critical for a long and comfortable retirement, but new study shows that the average pot in the UK is just over £42,000, according to new research. This is only 18% of the required quantity, and studies have shown that women are particularly vulnerable.
Pension funds are typically built up throughout the course of a person’s working career, and employees are continually encouraged to contribute as much as possible to their pots. In general, the earlier one begins contributing to a pension, the more likely they are to have a suitable amount set away for their retirement years.
However, according to recent research from finder.com, savers do not have nearly enough money set aside to live comfortably in retirement.
Finder.com recently conducted a study of 2,000 people across the United Kingdom, with gender, age, and area taken into account.
According to the findings of this poll, the average pension pool in the United Kingdom is only £42,651.
Non-retirees have considerably less money saved, with an average of £33,809 on hand.
A study using Profile Pensions’ pension calculator revealed that £237,000 would be required for a pleasant retirement for someone who owns their own home at the start of retirement (aged 67).
According to the same study, 19 percent of people claimed they had no private or workplace pension, with another 18 percent having a workplace pension but no private scheme.
The survey revealed a “quite alarming difference” in pension payments between men and women.
Men have an average pension savings of £62,336 compared to £22,735 for women, a difference of 64 percent.
When comparing the savings of different generations, it was discovered that millenials have an average savings of £17,175 and that, “as you would anticipate,” these totals climb with the generations.
Baby boomers have £61,546 in their pension pool, while Gen Xers have £35,175 in theirs.
Despite the fact that many of them are retired, the silent generation has only £111,855 in savings.
When it comes to having no pension at all, older generations appear to be less likely to have a job or private pension, instead relying solely on the state pension.
Despite the fact that many people in these age groups are retired, a stunning 22% of Baby Boomers and 30% of the Silent Generation indicated they did not have a job or private pension. These values are decreasing. “Brinkwire News in Condensed Form.”