Awareness and understanding amongst the public still remains low
6 April 2017 marked the anniversary of both the new State Pension and the new pension freedoms. These major overhauls have revolutionised the UK pensions landscape, but research from Aviva suggests work to improve pension saving is far from done as awareness and understanding amongst the public still remains low. In particular, millions of young people under the age of 35 are still oblivious to the changes that will shape their retirement futures more than any other generation before them.
Cost of essentials is the most common perceived threat to over-55s
While the rising cost of essentials is the most common perceived threat to over-55s’ standard of living over the next five years, concerns over falling returns on savings have risen to the highest point in almost three years, Aviva’s latest Real Retirement Report reveals.
Brits would rather vacuum than review their pensions
Why should you start planning for your future now? Retirement might seem like a long way off, but the sooner you plan for it financially, the less you are likely to have to put aside. Planning for your financial future early in your working life will allow you to make longer-term and potentially more rewarding investments.
Two in three agree living with family is beneficial
Multi-generational households could be set to grow in popularity as property costs continue to rise. A new report from Aviva suggests that based on the rate of growth seen in the past 10 years – and assuming house prices will continue to rise – there could be 2.2 million people living in multi-family households and 3.8 million 21–34-year-olds living with their parents by 2025.
Taking an active interest in your retirement savings
Millions of savers currently spend very little time reviewing their pensions, with more than a quarter of savers (28%) admitting to never reviewing their retirement savings, while almost a fifth (19%) of those with a pension said they review it less than once every five years according to figures released by Aviva.