What's Happening?
A report from Kearney's Retail Banking Radar reveals that nearly half of UK workers expect to work beyond the legal retirement age due to financial concerns. The study indicates that 62% of workers are
worried about maintaining their standard of living post-retirement. Despite these concerns, a significant portion of the population does not seek professional financial advice, with 24% receiving no guidance on retirement planning. Older adults tend to rely on tax or financial advisers, while younger individuals often turn to their primary banks or avoid seeking advice altogether. The report highlights a strong demand for professional financial guidance, with many expressing willingness to pay for advice in the future.
Why It's Important?
The findings highlight a growing anxiety among UK workers regarding retirement security, which could have broader implications for the economy and social welfare systems. The lack of professional financial advice uptake suggests a gap in financial literacy and planning, potentially leading to increased financial insecurity among retirees. This situation presents an opportunity for banks and financial institutions to enhance their advisory services, offering tailored support to help individuals plan effectively for retirement. Addressing these concerns is crucial to ensuring that workers can retire comfortably and maintain their quality of life.
