Pensions - Articles - Many UK workers feel financial wellbeing is unattainable


Research carried out by pension and investment company Aegon reveals that many British workers feel that financial wellbeing is unattainable with figures revealing that a third (31%) admit that their finances control their life.

 While over a quarter (27%) of those surveyed admit to feeling under prepared for a financial emergency, a worryingly large number (36%) said that they wouldn’t be able to handle a major unexpected financial emergency such as paying for a new boiler or an unforeseen dental bill.

 Figures show that poor financial management is having an impact on people’s ability to make choices that allow them to live life to the full, with three in ten (30%) unable to enjoy life because of the way they are managing their money. Two in five (41%) of those surveyed said that they are concerned that the money they have now or save won’t last, impacting their ability to respond to future financial unpredictability.

 Kate Smith, Head of Pensions at Aegon, comments: “Our research paints a worrying picture of the UK’s financial health and individual’s ability to manage their money. Good financial management sits hand in hand with positive financial wellbeing and it is concerning to see that so many people are unable to live life to its fullest as a result of how they are managing their money.

 “There’s certainly a role for individuals when it comes to budgeting and saving for a rainy day but I believe that employers can be doing more to support their staff with their finances. This includes offering better and more frequent financial education in the workplace, improving understanding about managing money and contributing more to employee pensions. With the right tools and support, people can plan their financial future with confidence, paving the way for increased financial wellbeing.”
  

Back to Index


Similar News to this Story

Research reveals pension tax relief timebomb set to hit
New analysis published by mutual insurer Royal London has shown, for the first time, how many of today’s workers are at risk of breaching the £1.03m l
New snapshot of what you have done with pension freedom
To mark the upcoming anniversary of pension freedoms, Canada Life has commissioned research1 looking at the behaviours of people who have flexibly acc
Transfers from FTSE 100 pension schemes to insurers to soar
A new report published today by pensions consultancy Lane Clark & Peacock (LCP) found that full transfers from FTSE100 defined benefit company pension

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.