More than a quarter (25.2 per cent) of British citizens believe that they will die before they draw their pension, according to the results of a new survey. According to the research carried out by Expert Pension Claims, 28.8 per cent of men shared this concern, compared to 21.2 per cent of women asked. Meanwhile, in the survey of more than 2000 people from across England, Scotland and Wales, nearly half of those asked (47.6 per cent) said one of their big pension concerns was that they wouldn’t have enough money to last them through retirement. Of these results, more than half of women asked (51.6 per cent) highlighted this matter as one of their biggest pension concerns.
In comparison, 43.8 per cent of male respondents said that this was one of the main things they worry about when it comes to pensions.
Pensions Expert and Independent Financial Adviser (IFA), Caroline Anstee, said there’s an overall feeling of worry when it came to pensions and the future.
She continued: “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 have left it too long.
“So advice is vital and 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.
“There are many sceptics regarding pensions, mainly because of the way the industry has behaved and conducted itself. We must show them that pensions/investments are a good thing and planning ahead for the unknown is vital.
“The first time pensions are addressed are at retirement or divorce. They should be reviewed every year.”
Almost 2,500 Brits were polled, all of whom said they were aged 18 or older, and woking in full time employment.
The results saw 56 per cent of those asked admit they weren’t sure how pensions work in terms of when they access their money and how.