One in six of those entering or living through what can be seen as the “third quarter” of life are yet to make retirement plans, according to research by RBC Brewin Dolphin.
The research was released to coincide with Pensions Awareness Week, which begins on 14 September.
RBC Wealth Management commissioned a study of 5,672 UK adults aged 45–75, each with more than £2,000 in investable assets. It explored how people’s priorities towards health, wealth and purpose evolve as they approach and enter retirement, and how these changes ultimately shape future retirement lifestyles.
Although 57 per cent of those in the third quarter said “making sure my money lasts through retirement” is a top financial priority, ranking higher than saving for retirement (31 per cent), the research found that 16 per cent of those in the third quarter have not started planning for retirement at all.
The data showed that men are more likely to have a personal pension (49 per cent vs 42 per cent of women) and a general investments account (16 per cent vs 10 per cent women), suggesting men more often have additional investment vehicles on top of the workplace scheme. In contrast, women are more likely to prioritise near-term needs, including emergency funds (50 per cent vs 45 per cent of men) and managing everyday costs (50 per cent vs 44 per cent men).
“For those in the third quarter of life, retirement planning isn’t just about the numbers – it’s about giving people the confidence and clarity to focus on what matters most to them,” says Michelle Holgate, director and wealth manager at RBC Brewin Dolphin.
“There are several practical steps people can take now, in this life stage, to strengthen their long-term financial position.”
Additionally, according to new research from the Money and Pensions Service, two in five people (41 per cent) approaching retirement age (55-65) have no financial plan for later life.
Also, to mark Pensions Awareness Week, MaPS has launched a new ‘Get retirement guidance’ tool to help people age 55+ ensure their finances are in order.
The tool operates by asking questions to users and from this point MoneyHelper matches someone’s circumstances with the guidance and tools most likely to be useful.