Nine out of ten workers are ‘financially sleepwalking’ into retirement, new research has revealed.
Carried out by deVere Group, the research found that 89 per cent of all new, working age clients did not realise how much money they would need in order to fulfil their own retirement ambitions before they began working with an independent financial adviser.
More than 750 new and potential clients in the UK, the U.S., Australia, South Africa, Hong Kong, Spain, Qatar, France, Germany, and the United Arab Emirates participated.
deVere Group founder and CEO Nigel Green commented: “It is very alarming indeed that nine out of ten workers are financially sleepwalking into their retirement.
“It’s particularly concerning in this day and age because we’re all living longer meaning the money we save has to last longer. Also, because governments are unlikely to offer the same level of support as they have done for generations before due to an ageing population and shrinking workforces; because living, health and care costs will increase significantly; and because company pensions are less generous, if they exist at all.”
Green observed, there is a consistent theme: “Before they have an initial meeting with an adviser, the vast majority of people underestimate how much they need to be putting aside for their retirement. This is the case across all incomes, working age brackets and nationalities.”
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