LV= Unveils Key Retirement Savings Insights Across UK Age Groups
Research from LV=, a firm specializing in investment, protection, retirement, and in-house advice, paints a concerning picture of retirement savings in the UK. Their recent Wealth and Wellbeing Research Programme shows notable trends, particularly among those aged 55 to 64, who save less than other age groups and often withdraw from their existing savings.
Saving Trends Among Older Workers
The data reveals that only 31% of people near state retirement age (55-64) are currently saving for retirement, the lowest rate among all age groups. Meanwhile, 24% of this group have drawn from their savings pot, more than any other category. This suggests increasing financial strain on people approaching retirement.
Cost of Living and Financial Advice Gaps
Over a quarter of respondents across all ages blame rising living costs for reducing their savings. Despite the pressure, 29% of all surveyed adults have never researched or sought professional financial advice—an increase of 6% since late 2023. This percentage climbs to 38% among households earning under £25,000 annually but falls to 19% among those with incomes over £100,000. Retirement Concerns Widespread, Especially for Women
More than half (54%) of non-retired adults worry about having insufficient retirement funds. Women express greater concern than men, with 53% of women less confident compared to 40% of men about saving enough for retirement.
Information Overload
The research also shows financial information can be overwhelming. Thirty-eight percent feel swamped by the sheer volume of available material, and 32% find the information confusing. Still, 54% say they feel empowered to make financial choices, 64% trust their information sources, and 58% know where to find reliable advice.
Professional Advice Boosts Confidence and Action
Those who consult financial advisers show higher confidence in their retirement plans—59% against 37% who do not seek advice. They also take more positive steps. For example, 30% of advised pension contributors benefit from employer contributions and tax advantages, while only 13% of non-advised savers do the same.
Preferred Retirement Income Sources
Workplace or personal pensions remain the most popular way to save, preferred by 44% of respondents. Others plan to rely on savings and investments (39%), the State Pension alone (19%), or their partner’s pension (16%). Nine percent expect to tap home equity through downsizing or equity release to fund retirement.
Expert Advice Encouraged
Marc Perry, Advice and Consumer Channel Director at LV=, says saving for retirement involves complex decisions at every life stage. He encourages people to review finances regularly and seek expert advice to ensure a secure future.
LV=’s findings highlight the value of professional guidance to build confidence and improve retirement preparedness. The research underscores the challenges facing many UK adults, especially amid cost of living pressures and information overload. It also points to clear benefits where advice and action go hand in hand.
The full report offers important insight for individuals and advisers alike as retirement planning remains a priority for millions across the UK.
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