Pensions - Articles - Comment on the FCA Financial Lives survey


Andy Tarrant, Head of Policy, The People’s Pension commented on the FCA Financial Lives survey

 “The FCA’s findings are a stark reminder of how heavily people across the UK rely on the State Pension - the lowest state pension of any developed country. This is far from enough for the vast majority of people to live comfortably in retirement and reinforces the value of auto-enrolment as a vital addition to people’s state pensions.
 
 “The survey highlights, worryingly but perhaps not surprisingly, a growing generational gap between older and younger people, with younger people more likely to borrow than save for the future. While the financial burdens placed on them, such as student loans, families or house buying, means saving for the long-term can become less of a priority, when it comes to retirement, the earlier people can start saving the more investment growth can do the heavy lifting for them.

 “Employers, the pensions industry and the government have a responsibility to ensure people understand the benefit of their workplace pension, by using methods such as the communications toolkit we provide to help employers talk pensions with their employees at every stage of their retirement savings journey.”
  

Back to Index


Similar News to this Story

Savers resoundingly back concept of Targeted Support
Consumers welcome Targeted Support’s potential to provide more relevant help with retirement income decisions, greater direction and the filtering out
DB pension transfer compensation stays low
Average DB transfer compensation remains low albeit compensation still due in many cases with each redress cases assessed on its own merits. CMCs shi
Comments on the second reading of the Pension Schemes Bill
Hymans Robertson and PensionBee comment on the second reading of the Pension Schemes Bill

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.