Nearly half (49 per cent) of Brits say they are worried about their pension and retirement income due to recent political instability, a survey from the Get Britain Pension Ready campaign has revealed.
The research suggested that, with a number of pension updates "looming" following the recent Spring Budget, there has been growing concern that major changes could potentially overwhelm consumers who are already struggling to understand retirement savings.
Indeed, the research found that 37 per cent of people are filled with fear and dread at the thought of planning for their retirement.
Follow-up research into proposed changes from the Budget also found that 61 per cent of people had not heard of the pot for life reform.
In addition to this, 52 per cent were confused by the term triple lock, and more than six in 10 (63 per cent) could not correctly identify the three factors considered in the triple lock, "despite this election’s campaigns being fought on it".
The research suggested that the way political parties choose to communicate pending state reform could have ‘major implications’ moving forward, as the campaign argued that people are looking for clarity when planning for retirement.
It also warned that further changes to the state pension format could prove detrimental for savers’ understanding and could cause another level of fear and confusion to people across the country.
This builds on previous research from the campaign, which found that many people already have a limited knowledge of those products beyond the basic state pension, with 57 per cent of savers agreeing that that planning for retirement feels like navigating a ‘complex minefield’.
In addition to this, it found that 33 per cent of people do not feel confident about understanding the financial options available to them.
• If you need advice about planning for your retirement, Wealth of Advice can help. We offer a wide range of impartial advice, always tailored to the individual client’s needs and circumstances. For a free copy of our guide Understanding Your Retirement Options, visit https://www.wealthofadvice.co.uk/financial-guides Alternatively, contact us for a free, no-obligation consultation. Tel. 0191 384 1008 or email enquiries@wealthofadvice.co.uk
