On the go: The government’s anti-Covid lockdown strategy has forced one in eight people over the age of 55 to delay their retirement, according to new research from YouGov.
The survey, carried out on behalf of master trust Smart Pension, polled 2,114 adults and also found that more than half (52 per cent) of respondents were concerned they would only be able to afford a limited lifestyle in retirement.
A significant number of people over 55 either in retirement or expecting to retire evinced a preference for managing their own retirement finances, with 47 per cent responding that they would prefer to manage all of their retirement finances themselves.
This figure is 10 percentage points higher than the 37 per cent who stated they would like to see some support, while only 7 per cent said they would like someone else to manage their retirement finances.
A further 7 per cent said they did know their preference, while 20 per cent did not understand their options around finance at retirement.
Smart says this fact chimes with Department for Work and Pensions research suggesting there is little evidence people are giving serious thought either to the length of their retirement, or “to their needs beyond the independent phase of later life”, according to the research.
Commenting on the findings, Will Wynne, global managing director of Smart, said that although the impact of Covid will doubtless generate headlines, the fact that almost half of adults wish to “go it alone” when managing their finances is worrying.
“Retirement is complex and people need help if they are to make the most of their savings,” he said.
“That’s why we’ve invested hundreds of hours testing and refining our new Smart Retire solution, which gives people flexibility, puts people in control, but also helps them balance the important decisions to ensure they are using their money in the right way.”
