Retirement Tracker

A lack of conversations and education around planning for retirement and later life could be leading to people being under-prepared, the 2017 Skipton Retirement Tracker reveals.

Retirement remains a taboo subject

The Skipton Retirement Tracker is based on responses from over 6,000 UK adults, conducted by Opinium. It finds that retirement planning remains a taboo subject for many, with UK parents more likely to broach the topic of sex and relationships with their children than retirement and later life.

The research shows that:

  • Over half (55%) of UK parents surveyed say they have discussed sex or relationships with their child at least once, compared to just a third (32%) who say they have talked about retirement.
  • Almost two-thirds (63%) have never talked about inheritance with their children. This is despite the fact that over half (56%) of those not currently saving for retirement said speaking to their parents about the importance of retirement would motivate them to start saving for retirement.

Skipton Building Society has teamed up with personal finance blogger Lotty Earns who offers her practical tips for savers of all ages to prepare for life ahead.

Lotty Earns

I get it as much as anybody, retirement is daunting, boring and seems a long way off. But you can’t ignore it. Working out how much you need in retirement will help you start off on the best foot for your financial future.

Lotty Earns, personal finance blogger

Lotty's top tips

  1. Consider how much you will actually need to fund your retirement
  2. Look at your outgoings and think about how that could change in the future. It will also be helpful to identify where your retirement funds are, such as different pensions and how much you are contributing.

  3. Two heads are better than one – have that conversation!
  4. Have open conversations with your family and friends to get a better sense of how to prepare. You could discuss the financial products they use, sacrifices they’ve had to make since retiring, and how they went about their own planning.

  5. Start thinking about it as soon as you can
  6. Get the ball rolling as soon as you have money coming in. One idea is to review your bank statements or keep a spending diary to show where your money goes and what you have available to put away for your future.

Take the next step

The future you want won’t happen by itself. If the Skipton Retirement Tracker has got you thinking about your own plans for your life ahead, we can help you.

At Skipton we can help you understand how much money you might need for your retirement ambitions and what you might need to do to prepare. And when you’re ready to take the next step, we’re right with you.

Read more findings from the
Skipton Retirement Tracker 2017

Download the Skipton Retirement Tracker 2017 summary

You can also download our findings from the retirement tracker 2016.

The Skipton Building Society Retirement Tracker is the result of research conducted by Opinium Research. The total sample size was 6,005 adults. Fieldwork was undertaken between 6 – 13 October 2017. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

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