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07 Sep 2016

Study: Advised clients can´t top up pension savings

New research suggests that almost half of the clients seeking financial advice would find it difficult to put more money into their pension pot than they are currently, the Professional Adviser website reports.

According to a report entitled ‘Pensions Through The Ages: Feeling The Squeeze´, conducted by Royal London, the financial advisers questioned said that 45% of their clients would struggle to increase their retirement savings.

Furthermore, more than half the clients stated if they were to find some spare cash, it would go on reducing their debts or easing their other financial pressures; and fewer than one in five advisers felt that clients who were struggling to pay their bills would use extra money to give their pension savings a boost.

While advisers noted that the majority of their clients were at least ‘somewhat´ engaged with saving for later life, the unfortunate situation is that many people had more pressing financial concerns and commitments.

This is particularly concerning considering the finding that for most savers, their level of pension saving was well below what they would need to enjoy their desired retirement lifestyle.

Royal London´s findings reflect those from a similar survey conducted towards the end of last year, which found that more than 25% of workers wanted to save for their retirement, but were financially unable to put the necessary amount of money away each month.

As Royal London specialist Fiona Tait explained, although people seem to be feeling the squeeze, it is reassuring that advisers feel their clients are engaged with their future-life savings.

“Even if people can´t afford to save more now, it is possible to create a definite plan of action to save more in the future when their income increases or outgoings are reduced,” she advised.

Copyright M2 Bespoke 2016

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