ONS Latest Wealth and Assets Data Highlights lack of understanding around pensions

Thursday 9 March 2017

The latest wealth and assets data from the ONS reveals that a third of people are not currently contributing to a pension.  While half say this is because they are not in work or don’t earn enough a third say it is because they can’t afford to and one in ten say it’s because they don’t know enough about pensions.

Commenting on the ONS data, Sally Merritt , head of product for Saga Investment Services said: “It is alarming that so many people do not feel able to save for their retirement, but it seems that for some, just a little more information may be all they need to help them in to the savings habit. 

“The data also shows that over half of people feel that they are confident that their income in retirement will provide the standard of living they had hoped for, but this confidence could well be misplaced.  Our own research shows that the majority of people do not understand how much they need in their pension pot to live even a basic life in retirement, typically underestimating by half how much income a pension pot of £244,000 would give them.

“This once again shows the importance of opening up access to advice and guidance for all people about their retirement savings.”

Ends

Notes to editors

About Saga Investment Services

Saga Investment Services has been developed to open up the world of investing and financial planning to the UK’s over 50s in the run up to and throughout retirement, and to make the process as simple and stress-free as possible. Customers can invest from just £100, and have access to investment advice and financial planning services. Saga Investment Services champions a straight forward and transparent approach to investing, and is a proud member of the Plain English Campaign. It is a joint venture between Saga, the leading provider of services to the nation’s over 50s, and Tilney Bestinvest, the expert investment and financial planning group. 

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