Retirement planning takes back seat amid cost of living crisis

Seven in ten people ‘have done little, if any’ retirement planning

Sahar Nazir
clock • 1 min read

Retirement planning remains a low priority for many people as the cost of living crisis focuses financial attention on short-term factors, according to a Standard Life report.

The provider's Retirement Voice report said individuals were not directing the same attention to their plans for the future as they were on their day-to-day spending as a result of the cost of living crisis. It also found that seven in ten people "have done little, if any" retirement planning. Just over a quarter (29%) said they had done a great deal of planning for their retirement. Standard Life said this figure had not changed over the last three years. People who took professional financial advice (50%) and those with a household income of more than £100,000 (48%) were the most...

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 Your profession

Everything advisers need to know about non-court dispute resolution

Everything advisers need to know about non-court dispute resolution

Non-court dispute resolution can be more cost-effective and efficient

Kiran Beeharry
clock 07 November 2024 • 4 min read
Women in Financial Advice Awards 2024 - Winners' gallery

Women in Financial Advice Awards 2024 - Winners' gallery

Photos from the awards ceremony held in London on 6 November

Professional Adviser
clock 07 November 2024 • 1 min read
 'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

Public finances now on a 'firm footing'

Valeria Martinez
clock 07 November 2024 • 3 min read