The Financial Future Consumer Attitudes Towards Financial Planning and Themes for 2018
Retirement Age The 2017 survey shows that when it comes to retirement age, only six people thought they would retire before age 50 with 25% of people looking to retire between the age of 50 and 65. 18% believed it would be between 66-70 years old and 14% between 61-65 years old.
25% 19%
of people looking to retire between the age of 50 and 65
26%
of people would only look to retire once they could claim a state pension
Perhaps as a reflection of fewer people admitting to having a retirement plan in place, 19% of people would only look to retire once they could claim a state pension and worryingly 26%, over one quarter of respondents, did not have a clear idea of when they would retire.
Perhaps because of fewer people having a retirement plan in place, 26% of respondents have no idea when they will retire.
over one quarter of respondents, did not have a clear idea when they would retire.
This could be because they choose not to think about it or because, time wise, retirement isn’t imminent. Retirement can often seem a long way off, however, the earlier people start to plan, the less expensive this can be or the easier the objectives can be achieved. We need to be encouraging people from a young age to plan for their future. And for those who think they are too old to try, saving at any age can be the difference between survival income and enjoying retirement.
The statistics show a short-term attitude to retirement age as for many it seems a long way off and is something to plan for later in life.
The earlier you start planning the more likely it is that you will achieve your financial goals.
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