Survey shows Covid impact on retirement plans

A new survey shows 13% of workers have delayed retirement and 9% have taken early retirement as a result of the Covid-19 pandemic.

Keyboard, mouse and pad with retirement planning written in it

 

Significant numbers of older people are delaying their retirement or taking early retirement due to the Covid pandemic, according to a new survey.

The survey of 920 UK adults aged over 40 by My Pension Expert shows 13% of people aged between 40 and 67 have been forced to delay their retirement as a result of the pandemic; 9% have either chosen or been forced into early retirement and over two fifths (42%) say they do not have a clear retirement strategy. Moreover, 12% say they have decreased the amount they contribute to their pension since the beginning of 2020.

No financial advice

The vast majority (72%) of over-40s have never sought financial advice for their pension. Almost half (48%) trust their employer to manage their pension plan, while 24% believe consulting a financial advisor would be too expensive. Consequently, 6% of those over 40 have already withdrawn money from their pension without seeking financial advice.



Post a comment

Your email address will not be published. Required fields are marked *

Your Franchise Selection

Click the button below to register your interest with all the franchises in your selection

Request FREE Information Now

Your Franchise Selection

This franchise opportunity has been added to your franchise selection

image

title

Click the button below to register your interest with all the franchises in your selection

Request FREE Information Now


You may be interested in these similar franchises