South West pension fears revealed

Almost half of the south west of England fears they simply won’t have enough money to survive through retirement.

This is just one of the fears revealed by a new national survey on the future of pensions in the UK. The survey, which was commissioned on behalf of Manchester firm Expert Pension Claims, was conducted to 2000 people in England, Scotland, Wales and Northern Ireland in July (2019).

The figures also revealed that over 1 in 5 in the south west believe they’ll die before they can draw their pension. An alarming 20.60% made this claim in the region, compared with 1 in 4 in the UK as a whole. 

Another prominent fear was that pensions “won’t exist” by the time they reach retirement age. In the south west, figures showed as 18.40%, which is less than the national figure of almost 25%. 

Nationally, data showed that 1 in 5 people are “not bothering” with their pensions at all because they fail to see a future in them whatsoever. 

This new data highlights a national feeling of worry, says pensions Expert, Caroline Anstee.

She said: “If more financial education was available then everybody would understand more and therefore not worry as much.

“Unfortunately, most people do not address the future, so when they get to making decisions about retirement, they have left it too long.

“So advice is vital and it’s never too early to understand and think about the needs beyond working life.

“By going through a cash flow forecast of needs now, future plans can be made.

“The media does not help as they state things like if you don’t have £1m in a pension, you will be poor in retirement.

“Everyone’s situation is different, and not everybody is reliant on pensions alone, so it is important to assess the whole situation and take a holistic view then plans can be made, it just depends on what the needs are in retirement and what lifestyle is required.

“The main thing that has affected women is the increase in the state pension age and that needs extra planning, as most thought they would receive their pension at age 60."

She added: “The main thing is that people review their pensions as costs eat into any return and then see where they are and plan.

“Financial education should be given to all and then they would understand how important planning ahead is.”