Here at Expert Pension Claims, we carried out a nationwide survey to gain an insight into the public’s thoughts on the UK pension system. After surveying 2000 people across the UK, we uncovered some of the most shocking pension concerns that the British public hold. We also discovered how many Brits are planning for the future to avoid their biggest concerns.
Our biggest fears: 1 in 4 Brits fear they’ll die before drawing their pension
One of the most striking findings from our survey was that 1 in 4 Brits fear they’ll die before they have the chance to access their pension, as covered by the Express. While some of us do not share this concern, over a quarter of women (26%) worry pensions won’t exist by the time they reach retirement. On top of this, a third (31%) of 31-40-year-olds also worry about pensions not existing by the time they reach retirement.
Pensions deemed “a total waste of money” by some
Our survey also revealed that 1 in 5 people in the UK are “not bothering” with their pensions because they deem them “a total waste of money”. While men are open about their pension contributions being a total waste of money (1 in 4 men believe this), a third of women in the UK haven’t started seriously thinking about their pensions yet.
How pension-savvy are we?
Amongst concerns about never being able to access their pensions, more than a third of Brits have no idea how to access their pension. Worryingly, almost a quarter of those aged 51-60 (who are approaching the pension withdrawal age) also have no idea how to access their pension pots.
Can pension investments solve the UK’s pension problem?
Financial security was stated as one of the biggest concerns by Brits. With this in mind, it’s easy to see why so many Brits are turning to pension investments to secure their financial future.
A quarter of men in the UK would consider investing their pension into property (excluding real estate) for a bigger return in the future, to help them through retirement. On top of this, over a quarter of men would consider investing their pension into real estate for a bigger return, while nearly 1 in 5 respondents aged 21 – 30 would consider investing their pension into cryptocurrency.
Pensions Expert and Independent Financial Adviser (IFA), Caroline Anstee, believes we must show people that ”pensions/investments are a good thing and planning ahead for the unknown is vital.” Education is key when it comes to pension investments. If you know what you’re looking for, you’ll reduce your chances of being mis-sold your pension. If you’re worried you have been mis-sold your pension, take a look at the top signs you’ve been mis-sold a pension to find out what you can do about it.
Claiming for a mis-sold pension
If like many savvy Brits, you’ve been planning for your financial future with a pension investment, but worry you might have been mis-sold, get in touch with our pension claims experts.
Get in touch with our professional team today and we can help you get started with your mis-sold pensions complaint.
The survey was carried out by Censuswide on behalf of Expert Pension Claims.