Half of UK adults (51%) have done little to no research on how much they need to save for retirement, according to Scottish Widows research.
The firm said its latest Retirement Report highlights how unprepared people in the UK are for retirement, with a significant number admitting to not doing enough to support themselves later in life.
The research showed 23% of people are not currently saving for retirement at all, and over a third (39%) are not saving nearly enough for what they will need in later life.
Additionally, a quarter (25%) said they are not confident managing their savings for retirement because they are not sure how pensions work, while a similar number (26%) have not thought about how they will spend their retirement.
As many as one in five (19%) admit they do not know how they will fund their retirement.
Robert Cochran, retirement expert at Scottish Widows, said: “Retirement planning is much more than simply putting money away for the future. Tracing old pensions, setting up additional investments to support retirement funds, and thinking about how and where you want to spend your twilight years are all important aspects that can’t be overlooked.
“Our research paints a stark picture of how unprepared people in the UK are for retirement, with many admitting to not doing enough to support themselves later in life.”
Separate research from Hargreaves Lansdown also found a third (32%) of people believe they will need an inheritance to have enough income to live on in retirement, with younger people aged 18-54 (39%) more likely to think they would need an inheritance.
Main image: eric-prouzet-DKZalTR1EuM-unsplas
