With more people now living alone than ever before, and the numbers predicted to rise, new research1 shows that single people in Britain are finding it harder to save for retirement than those who are married or co-habiting. More than six million single adults are under-prepared for retirement. The study reveals that just 47% of single people are saving enough for their future and a quarter aren’t making any contribution to a pension.
Sadly, the report found that single people don’t feel optimistic about their chances of saving for a pension; two-thirds felt it unlikely they’ll ever be able to save more for their retirement with three in 10 admitting that they feel pessimistic about it.
Every little helps
With those retiring on a full state pension likely to receive around £8,700 per annum, there is clearly a case for starting a pension and planning for retirement, whatever your circumstances. Even small amounts saved regularly into a pension can, usually boosted by tax relief, mount up over the years. If you’d like advice, get in touch.
1Scottish Widows, 2018