A majority of British citizens, 54 per cent, are uncertain about the amount of money they should save to ensure a comfortable retirement, according to deVere Group.
Additionally, 35 per cent of them lack clarity on strategies to increase their savings. The study, involving more than 700 UK adults was carried out by deVere Group, also found that 43 per cent do not consistently contribute to a pension scheme offered by their employer.
deVere CEO Nigel Green says: “More and more of us are living longer, which is good, but longevity comes with a price tag. While before, people might have spent 10 or 20 years in retirement, now we can expect to spend as much as 40 years of our lives retired – or even more.
“The extra costs mean that the preparations you have in place for retirement might not be sufficient, which is why planning to ensure your long-term financial security is vital.
“One way to boost your retirement income is to check to see if you are not claiming money to which you are rightly entitled. A leading charity, Age UK, says that each year £3.5 billion goes unclaimed by older people that should otherwise be paid to pensioners, and some of that money might be yours.
“The charity’s benefits check calculator will help you see if you’re missing out on money to which you are entitled. In addition, it is prudent to check that you don’t have any savings or other banking accounts which have gotten lost.
“People need to be saving and investing from as early an age as possible, essentially as soon as they start their careers, even with the smallest contributions. It’s the development of the saving habit which is most key”.
