Published by Damian Stancombe on
This year, we continued to target different age and affluence groups; 18-29, 30-49 and 50+, each within various earnings brackets; below £20,000, between £20,000 to £39,999, between £40,000 and £74,999 and above £75,000.
With just over 1500 responses, the results reveal that there could be potential difficulties in the retirement journey for the UK. Education remains crucial in guiding individuals through each step of the process; whether this is through marketing messages from the government, highlighting the importance of individuals staying in once auto-enrolled, or providing the right support at decision-making stages in later life, including information how to access pension savings and when to retire.
Important financial priorities remain consistent in each of our age groups and affluence plays a key role in decision-making. Buying a house remaining of the highest priority all and it’s only once this is in place that other priorities come into play, whether this is clearing debt, raising a family or long term savings. Debt still looms, affecting social mobility and prospects; saving money whilst debt remains high is not only a hard sell and can often be viewed as fruitless when comparing pay-out versus return.
Overall, it’s clear to see that a changing workforce is happening now. Diversity, with four generations working together, will become more familiar with an ageing population. Organisations will need to adapt to keep up and phased retirements will become increasingly popular for employees who choose to stay in work, either as a lifestyle choice or for financial reasons. HR policy will progress to include these variables and hopefully businesses will flourish with the rich infusion.
“We need stronger messages from Government and employers to educate individuals in the importance of staying in once auto-enrolled, understanding the importance of investment decisions and contribution levels, through to the decision-making stages in later life on how to access pension savings on retirement.”Damian Stancombe
Head of Workplace Health and Wealth
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