What is the Skipton Building Society Retirement Tracker?
The Skipton Building Society Retirement Tracker is a new
piece of research that examines how well prepared people across the UK are when
it comes to thinking about life ahead.
Created in conjunction with YouGov and based on data from
over 6,000 UK consumers, it tracks how people are saving for and planning for
their retirements. It looks at household income, economic sentiment, what
people are doing to fund their plans for later life, as well as overall
attitudes to retirement preparedness.
From this, it divides the nation into five distinct personalities,
ranging from the most prepared to those doing the least to plan for retirement.
Over time, it will create a regular picture of retirement sentiment across the
UK at different stages of working life.
Key Findings - A nation divided
For 2016, the Skipton Building Society Retirement Tracker
has found the UK to be sharply divided between those planning for retirement
and those not.
Nearly half (48%) of the UK population has an ‘ostrich mentality’ with their heads in the sand when it comes to retirement saving. Many are not saving for their retirement, with little or nothing in place in addition to the State Pension.
Only 20% of savers think their plans are on track to meet or exceed their retirement targets. Around half (49%) of UK non-retirees have no idea how much they’ll need to fund their retirement. Of those who do have a savings target for retirement, 39% think they won’t be able to meet their goals – either just missing their targets or missing them by some way.
Understanding your financial requirements for retirement is an important step in being able to plan effectively.
Just 6% of the UK are ‘Wise Owls’ when it comes to planning ahead. They are more likely to have significant savings, with over half (52%) of this group putting aside more than a third of their annual income towards retirement.
What to do next
When it comes to planning for your life ahead, getting started as early as you can is usually the best course of action. No matter how close you are to retirement, there may be something you can do to take control of your finances. Having an ostrich mentality, with your head in the sand about your plans for later life, is not the answer.
Skipton can help. Our My Review service, backed by our No Pressure Promise, gives you the chance to talk through your objectives before we guide you through your options.Through the My Review, we aim to help you plan your next chapter and make the most of your finances to enjoy the retirement you want.
You can download the summary of the
Download the SBS Retirement Tracker Summary 2016
Download the 2015 Full Report
Skipton Building Society Retirement Tracker below