Survey reveals UK adults are more focused on the short-term than the longer term when it comes to saving goals. Could this be a crisis on the horizon?
LONDON - June 24, 2016 - PRLog -- UK Research from 247Moneybox.com, one of the longest established online payday lenders in the UK, indicates that we are grossly underestimating how much we need to save up in a pension pot to pay for retirement.
Respondents underestimated the pension pot size required to generate £17,000 a year income by £108,000.
46% of savers prioritise a new car and holiday over saving for a house deposit or building their pension pot.
Respondents also underestimated the cost of annual residential retirement care by 30%.
63% of respondents were not worried about their standard of living when they retire.
Mark Hannay, 247Moneybox's COO believes, "Saving in these challenging economic times is hard, however, what is a little worrying is that it appears people don't realise how much they need to save for when they stop working."
The survey also shows that the respondents also underestimated the costs of residential care. Taken together, Hannay believes that today's working age population could be sleep-walking into a crisis.
To see an infographic of the survey results, click here.
The recipient of multiple awards for its lending technology and payday loans, 247Moneybox.com is also a member of the alternative finance trade body, BCCA, since 2009 and a board member since 2013.
Notes to editors:
1. Research conducted during April 2016, from 101 UK adults
2. Other data sourced from Government statistics and desktop research
Photos: (Click photo to enlarge)
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247Moneybox.com Retirement Survey and Infographic: Are we underestimating the cost of retirement?
June 24, 2016 at 07:32 AM EDT