…and 1 in 4 in Mancs Believe They’ll DIE Before They Can Draw Their Pension
A new survey reveals the UK’s top pension fears – here’s how Manchester compares to the rest of the country:
- Half of Mancunians think they won’t have enough money to last through retirement (49.20%)
- Over 1 in 4 people in Manchester think they will die before they can draw their pension (26.70%)
- Almost 1 in 4 in Manchester think pensions won’t exist by the time they reach retirement (24.10%)
Manchester company Expert Pension Claims commissioned a survey (by Censuswide) on the UK’s top pension fears, revealing a shocking number of people who believe they simply won’t live to see their pension released.
Figures show that a quarter of the North West (25.90%) believe they’ll die before they can draw their pension. This compares closely with 25.20% for the UK as a whole. Manchester comes in eight highest city in the country, with over a quarter claiming to have the same fears (26.70%)
Just under a quarter of the North West thinks that pensions won’t exist by the time they reach retirement (24.30%) – compared with almost a quarter of the UK as a whole (24.90%).
Over 1 in 3 in the North West say they have “no idea” how to access their pension pot (38.00%), just higher than the national figure of 37.70%.
The same survey, which was sent out to 2000 UK people (Censuswide, 2019), was also broken down into cities. This revealed how almost half of Manchester thinks they won’t have enough money to last through retirement (49.20%).
Over a quarter of Manchester thinks they will die before they can draw their pension (26.70%), and just under a quarter of people in the city think that pensions won’t exist by the time they reach retirement (24.10%).
This new data highlights a national feeling of worry, says pensions Expert, Caroline Anstee.
She said: “If more financial education was available then everybody would understand more and therefore not worry as much.
“Unfortunately, most people do not address the future, so when they get to making decisions about retirement, they have left it too long.
“So advice is vital and it’s never too early to understand and think about the needs beyond working life.
“By going through a cash flow forecast of needs now, future plans can be made.
“The media does not help as they state things like if you don’t have £1m in a pension, you will be poor in retirement.
“Everyone’s situation is different, and not everybody is reliant on pensions alone, so it is important to assess the whole situation and take a holistic view then plans can be made, it just depends on what the needs are in retirement and what lifestyle is required.
“The main thing that has affected women is the increase in the state pension age and that needs extra planning, as most thought they would receive their pension at age 60.”
She added: “The main thing is that people review their pensions as costs eat into any return and then see where they are and plan.
“Financial education should be given to all and then they would understand how important planning ahead is.”