The Future Life: How can today’s savers prepare for tomorrow’s retirement?
While automatic enrolment into pensions has helped to increase the number of people saving for later life, it’s clear that adequacy, understanding, and affordability are all still major issues in ensuring a comfortable retirement, with disparity between groups in society – particularly those unable to get on top of today’s financial pressures - becoming more apparent.
At the same time, for those already saving into a pension, existing information is often not fit for purpose - for example, for a mid-life career-changer with a mortgage and retirement goals, the available options, information and advice can be disparate, confusing and lead to mistrust.
One in ten UK adults reduced pension contributions due to financial strain caused by the Covid-19 pandemic.
The Briefing Note from the Pensions Policy Institute (PPI), sponsored by Capita, has laid bare the impact of the Coronavirus pandemic on people’s ability to save for retirement – with younger people and those from a Black, Asian and Ethnic Minority (BAME) background hardest hit. The Future Life Briefing Note explores how changes in the working and retirement landscape may affect the wellbeing of future pensioners.