Business News
UK pension pots looking bleak for the future
A report conducted by HSBC across 17 countries, has found the UK to be the most concerned about their financial future but also the least prepared, with nearly one in five of those questions said they didn’t know where their main source of income would come from for their retirement and 21% looking to rely on the state.
Statistics from the survey read a rather grim reality; out of 17,000 people from 17 countries, nearly half in the UK thought they would be less financially secure than their parents, with 68% worried about their future and between 48-57% concerned that they are not building a large enough nest egg to sit on when the time comes. The results are a stark comparison to Malaysia, with 84% stating that they HAD put provisions in place for the future to the UK’s meager 39%.
The National Association of Pension Funds said: "We must begin to think differently about the way we approach financial planning for retirement. The report suggests that Britons currently have a culture of dependency on the state, which is a false economy. People have to take greater personal responsibility for their retirement and rely less on the state, by planning more effectively and saving more for themselves."
"The emergence of this ostrich generation is a real concern. Britons know that they need to plan and save more for their retirement, yet they are not turning this knowledge into action," said David Wells, head of investments, pensions and savings at HSBC.
