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Loosing track of your savings

Enable’s IFA’s in Bishop’s Stortford know that many of us spend significant amounts of our lives trying to build up savings so it seems extraordinary that some savers lose track of finances after retirement according to the research for Fidelity Worldwide Investment.

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The findings were drawn from a survey of more than 1,000 people, roughly two-thirds of those who were retired and a third who were still working in a full or part-time capacity. Those surveyed had some form of retirement savings on top of a state pension, although their money was not necessarily held in a pension scheme. Clearly the people surveyed had been interested in saving but it seems, as the research suggests, that savers are more likely to lose track of their finances once they are in retirement. One in five (20%) people aged over 55 who were still working did not know the value of their pension savings, this increased to 30% among those who had retired.

The study found evidence to suggest that 13% of over-55s did not know how they were going to fund essential outgoings.  Over-55s in the Midlands were found to be the most out of touch with their retirement savings, with more than one in three (35%) saying they did not know how much their combined savings were worth. Nearly a third (31%) in Scotland and a similar proportion (30%) in Wales did not know the overall value of their pension savings. People in London were the most engaged with their pension savings, with almost four-fifths (78%) knowing the value of their pots.

It may be easy to slip in to apathy as you approach retirement feeling like you do not have too many resources and clearly saving more earlier is better but Enable’s IFA’s in Bishop’s Stortford may be able to help you make the best of what you have.

Source – AOL Press Association

Issued by: Enable Independent Financial Life Planners 
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 – Fax: 01279 657339
 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.

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