Money Minder UK

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Mind the knowledge gap

In Brief: Mind the knowledge gap

Tuesday, 01 September 2020

Retirement comes with big financial decisions which can have long – term impact upon your retirement income. Many people (even those with savings in one place) don’t know how much they have saved for retirement. Only 43% of adults who expect to retire in their near future say they understand how much annual income they’ll receive from their pension and savings. The Financial Conduct Authority (FCA) are introducing measures to help people make the most of their pension savings. Earlier this year they refreshed the retirement ‘wake up packs’. The move followed the regulator’s conclusion that those approaching retirement, acting without guidance or advice, were struggling to make informed decisions. Seeking professional financial advice about your retirement, pension and savings could help you to plan more effectively for your retirement.

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