Around one in three workers over 50 have not yet decided how they will access their pension savings, according to new research. Fresh figures show that millions of older employees are approaching their later years without a clear financial strategy.
Gender divide in financial confidence
The survey reveals a significant gender divide in financial understanding across the nation. Nearly half of non-retired women over 50 reported having little or no knowledge of their retirement options, compared with just over a third of men. More than four-fifths of people in this age bracket believe it is important to seek support before withdrawing money from their fund. However, nearly a fifth plan to delay seeking advice until the exact year they stop working.
Free guidance available
Free impartial guidance is available to help people navigate their options through the Government-backed Pension Wise service. The MoneyHelper website provides additional pension guides, while many pension providers offer digital calculators to keep retirement goals on track, reports Vicky Shaw.
Savers can also check the Pensions UK website to review national retirement living standards. These standards give people a realistic figure for what daily life in retirement is likely to cost. Some people may also choose to pay for professional financial advice to secure their future income.
Experts urge early planning
Experts emphasise that getting early assistance can prevent costly mistakes later in life. Carolyn Jones, retirement director at Scottish Widows, stressed the urgent need for change. "We need to bring the conversation forward. Too many people only fully engage in their retirement planning when they approach the point of taking action. By then, valuable opportunities to plan, prepare and make informed choices may already have been missed."
The industry is making progress. Targeted support, guided retirement journeys, digital advice and workplace education are all helping people navigate increasingly complex decisions. But we need to go further. "Our rallying cry is simple – engage earlier, understand your options and seek advice sooner. The earlier people think about their income needs, the more choices and confidence they have to achieve the lifestyle they want."
Research methodology
The research was gathered through a comprehensive YouGov poll involving more than 6,200 adults. A separate national survey of 1,000 adults was also conducted in February to analyse consumer habits. In total, more than 2,300 people aged over 50 contributed to the final study. The findings show a clear need for earlier community engagement with pension schemes.
