Survey finds majority of UK adults are nervous about pension savings

Fewer than one in 10 UK adults are confident they will have saved a comfortable amount into their pension when they stop working, according to a new survey commissioned by NFU Mutual.

Just 9% of the 2,022 respondents to NFU Mutual’s survey suggested that they were unfazed by their finances saved for retirement, but more than half of people aged between 25 and 54 years were either nervous, or unsure.

NFU Mutual revealed their survey had found that more than 40% of people aged between 35 and 54 years were nervous about their finances in retirement – compared to 23% of people between 18 and 24.

The study also suggested that only 6% of people who work are paying the maximum amount into their workplace pension – with 42% of people paying the minimum requirement.

NFU Mutual senior pension expert, Richard Needham, commented: “A lot of people are nervous about their financial future, with many unsure about how much they need to have saved in order to pay for the retirement lifestyle they would want.

“For many working adults, this is often the unspoken problem looming on the horizon that can seem too big to tackle.

“However, it is crucial to start thinking about pensions as early as possible and to keep regularly reviewing those plans to maximise the benefits they deliver.”

NFU Mutual’s survey did reveal that 30% of respondents were ‘somewhat confident’ their pension would fund their retirement, although 16% indicated they did not have a pension pot at all.

Furthermore, only 23% of surveyed self-employed workers said they had paid money into a pension pot.

Needham added: “While self-employed people do not get the benefit of employer contributions, the tax breaks on offer make pensions an efficient way to save.

"As the number of self-employed people continues to rise in the UK, it’s important for those who work for themselves to plan for the future by seeking financial advice and keeping their plans under review.”

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