Second Nucleus UK Retirement Confidence Index finds majority of UK adults not confident they will have enough money in retirement.
There’s been a significant change to the research this year, extending the scope to understand retirement confidence in all UK adults aged 18 and over, rather than only those over 50.
4,300 people took part in the recent YouGov research looking at retirement confidence levels for the comprehensive study.
Findings
- Nucleus UK Retirement Confidence Index is 4.6 with a negative outlook
- Planning and financial advice are key to people feeling more confident about their retirement prospects
- Just 34% of respondents are confident they would have enough money to live comfortably for the rest of their lives
- Over a quarter said they were either slightly less or much less confident about their financial planning retirement prospects following the Budget
- 52% of UK adults underestimate how much they would need each year for a comfortable retirement based on the Pensions and Lifetime Savings Association’s (PLSA) definition
- Findings show 20% have not saved anything for retirement and 39% are not contributing to a pension. Alongside this, 44% believe the State Pension will not exist in the future
- 70% of respondents aged 55+ say retirement planning should start in your 20s or earlier
With so much speculation and concern surrounding the 2024 Autumn Budget, Nucleus also took the pulse of the public shortly after the announcement to see how retirement confidence levels were impacted. It found that over a quarter said they were either slightly less or much less confident about their financial planning retirement prospects following the announcement.
