Millions of Britons could see their savings shrink because they don’t know how to shield them from rising inflation. The findings are according to research by YouGov for Zurich which found more than a third (37%) of people aged 18 to 65-plus are in the dark over ways to grow their savings enough to at least keep up with rising prices.
Those who set tangible goals for the future could be £30,000 better off in retirement, according to new research.
The Set the Right Goals study from Zurich UK found that those that set specific goals for when they are aged 65 or over are more likely to save, putting aside approximately 7% of their salary into their pension compared to 5% for those without.
Nobody knows quite what the future holds. Changing life plans and priorities will mean we encounter varying income needs and goals throughout our life, and when saving for retirement certain innate behavioural traits will influence our decision-making. Savings levels in the UK are showing signs of steadying at the same time as the number of people expecting to receive a defined benefit (DB) pension continues to fall.
Procrastinating when it comes to putting money aside for retirement
People with birth dates between 1964 and 1979 are labelled ‘Generation X’ and are suffering from a widespread tendency to procrastinate when it comes to putting money aside for retirement, according to the results of a new survey.