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Words are not enough when it comes to finances
Shropshire families are spending more time than ever discussing financial planning for their later years – but are not turning their words into actions.
A latest survey showed two thirds of couples had discussed retirement planning in the last 12 months, but the majority had done nothing about it, usually because they had been unable to agree on how much they needed to save for their later years.
Dyke Yaxley’s Tony Elliott said: “While it is reassuring to hear so many households are talking about financial planning, it is worrying that they often don’t know what the source of their retirement income is going to be.
“Too few couples turn their well-meaning plans into reality to pay down debts and save more, especially when it comes to retirement planning.
“And simply having conversations about money is not enough – taking action always needs to be the next step.”
Latest research from Prudential shows that nearly one in five cohabiting couples aged at least 40 have not established a joint retirement income target.
Only 25 per cent have consulted a financial adviser in the past five years, and nearly three quarters admit they have never seen a financial adviser to discuss retirement plans.
Tony said: “Financial planning for retirement is not a black and white issue. It has become increasingly complex.
“It is important for people not to simply assume that the state pension will allow them to continue their current quality of life in retirement.
“Government reforms to the way pension savings can be accessed, that will come into effect in April next year, make pensions a more attractive saving proposition than they have been in the past.
“And the new auto enrolment pension schemes will go some way to helping ensure that workers are able to top up what they get from the state, but families still need to put pen to paper to set some targets, and find out if they are on course to meet them.”
Dyke Yaxley’s Tony Elliott
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