(PRWEB UK) 22 May 2014
Not saving enough for retirement is the biggest financial regret among those aged 55 or over (today's baby boomers) according to the findings of an annual online survey from long term savings and investment specialist Standard Life by YouGov Plc. Nearly one in five (18%) baby boomers wish they’d started saving for their retirement when they were younger.
According to the research, the top five biggest financial regrets for baby boomers are:
I wish I had…
1. saved for retirement earlier (18%)
2. avoided running up debt on credit cards or store cards (16%)
3. set and stuck to a budget (6%)
4. spent less on nights out and saved more in general (5%)
5. invested in a Stocks and Shares ISA (5%)
Commenting, Standard Life's Julie Hutchison said:
"This new research should come as a wake-up call to the many people who aren’t saving enough for when they retire. The value in starting to save early is clear in terms of increased potential for growth. We also know from previous research that parents often find they need to de-prioritise their own saving when they are older, to help support their adult children with large expenditure such as university fees and deposits for their first homes. So trying to close up a savings gap later on in life can be really tricky."
"With the gradual roll out of automatic enrollment and the additional flexibility and control that we expect to see following this year’s Budget, now is the perfect time to remind people to start saving early for later on in life, so they don’t share the same regret when they get older."
An estimated 30,000 or more small and medium sized businesses (SMEs) start to automatically enroll their workforce into their pension schemes this year, so even more people will have an opportunity to start saving early.
Encouragingly the research shows one in ten (10%) Brits intend to invest into their personal pension this tax year, while one in five (20%) plan to save into their workplace pension. Those in the 25-34 year old age group appear the keenest to invest for their future. Standard Life have created an online pension calculator to help people realise the importance of starting to save early.
Hutchison adds,
"We also know that even those who are actively saving into a pension often don’t know how much their pension pot is worth as they don’t take stock. Some people have several different pensions, which can make it particularly tricky. If that’s the case, they may want to consider whether it’s in their best interest to bring them together for a much clearer view of how they are doing. Knowing that you are on track for the kind of retirement you want is important."
Notes to Editors
About the research
All figures, unless otherwise stated, are from YouGov Plc. Total sample size for the 2014 survey was 2591 adults. Fieldwork was undertaken from 5th - 7th March 2014. The surveys were carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About Standard Life
Standard Life is a leading provider of long-term savings and investments. Established in 1825 and headquartered in Edinburgh, the company has around 8,500 employees internationally.
Standard Life offers a range of individual and group pensions, SIPPs, ISAs, annuities, life assurance, offshore bonds, investment management, wealth management, tax and estate planning services. By understanding and offering innovative products to meet its customers’ needs, Standard Life helps people with their financial planning, so they can feel more confident about the future.
The Standard Life group includes savings and investments businesses, which operate across the UK, Canada, Europe, Asia and the Middle East; workplace pensions and benefits businesses in the UK and Canada; Standard Life Investments, a global investment manager, which manages over £191 billion globally; and its Chinese and Indian Joint Venture businesses.