Nine million mid-life employees 'sleep-walking' into retirement

2,000 people surveyed

clock • 2 min read

Nearly nine million employees aged 45 and over are "sleep-walking" into retirement, unaware of how much they need to save, according to research from Aviva.

The report - which questioned more than 2,000 employees and scaled the results up to the UK population - revealed 64% did not know how much is needed to retire comfortably while 37% did not know how much they had already saved into their pension. Additionally, two fifths of those surveyed were unaware of how much money they will receive from the government as their state pension, while a quarter did not know when they would actually qualify for the state pension. The report, which looked at preparation levels of mid-life employees, also found 37% of respondents did not know whether th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Advisers concerned about regulatory scrutiny in decumulation phase

Advisers concerned about regulatory scrutiny in decumulation phase

Retirement planning ‘dominates’ client advice requests

Isabel Baxter
clock 27 November 2024 • 3 min read
Advisers call for new products to tackle retirement planning challenges

Advisers call for new products to tackle retirement planning challenges

Retirement products ‘don’t meet modern needs’

Isabel Baxter
clock 25 November 2024 • 3 min read
How advisers can play a role in boosting wellbeing in retirement

How advisers can play a role in boosting wellbeing in retirement

A happy retirement is the 'north star'

Cecilia Furner
clock 08 November 2024 • 3 min read