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Retirement funding biggest money worry for UK workers

Funding retirement is the biggest money concern for UK employees, according to the new Changing Trends of Financial Wellbeing report by Close Brothers.

Over a third (34%) of people surveyed shared this worry, with one in five UK workers admitting to worrying about their financial health daily.

Some 87% of UK employees believe it is important to save into a pension, and due to the pandemic, over 10% of employees plan to save more into their personal and workplace pension.

Jeanette Makings, head of financial education at Close Brothers said: ‘‘Since the introduction of auto enrolment in 2012 and the huge amount of added focus on the need for pension savings and retirement planning since then, it is concerning that retirement still tops the list of money worries. 

‘‘This is unlikely to abate in the short term given the current uncertain economic climate. While it’s good news that financial confidence around retirement has increased since last year, the UK’s pension problem looms larger than ever, with Covid-19 having led to a dent in the market and so people’s pensions and other savings.’’

She added: ‘‘Against such a backdrop, it’s vital that people take stock of their financial futures and see what steps they can take to adjust their plans to meet their short, medium, and long-term goals.’’

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