Pensions – Are You Saving Enough?

ITV’s “Tonight” aired a program last week questioning whether the general public are saving enough for a comfortable retirement. “Pensions – Are you saving enough?” challenged three working volunteers to live on their future predicted pension pots for a week to investigate.

It is estimated that 60% of people don’t know how much is in their pension pots and the program highlighted concerns and fears from members of the public regarding the future of their finances. It is estimated that 1 in 4 people are not saving enough for a comfortable retirement and some say this can be attributed to the way pensions information is being communicated. The pensions industry is now working towards simplifying communications so that they resonate more with the general public to encourage people to pay more into their pension pots.

After following the three volunteers, the program demonstrated the difficulty that many people would face if trying to live on the amount per week that they would receive from their predicted pension pot. Despite the introduction of Auto-enrolment in 2012, 1 in 4 people are still not paying into a workplace pension scheme, meaning that they will be relying solely on the state pension once they reach retirement. Retirement planning is important and getting advice from a financial adviser can be extremely beneficial if you have concerns over whether you’ll have saved enough for retirement.

“Pensions – Are You Saving Enough?” is available to watch on ITV Player until the end of May.