A survey by challenger bank Monument, which targets people with more than £100,000 in financial assets excluding their main residence and pension, has researched prevailing levels of confidence across retirement provisions and investments.
The research shows that those aged 34 to 54 are the least confident about their finances: among this age group, 27% expressed uncertainty about their retirement provisions, while 21% were concerned about their investments, and 18% their insurance provision.
Conversely, younger savers appear to be far less concerned about their current situation: only 13% of those aged 18 to 34 are not confident in their retirement provisions, 12% in their investments, and 10% about their savings.
The role that professional advice can play in allaying concerns was also researched – and it seems like this is not seen as essential by a large number of the better-heeled. When asked about managing their finances without professional advice, less than a quarter (23%) of mass affluents pointed to tax planning as a concern.
When it comes to inheritance planning, just 22% said they weren’t confident managing it independently, and even fewer flagged up concerns on the topics of retirement planning (17%) and investments (17%).
Ian Rand, chief executive of Monument, said: “This group is feeling a rising pressure on their finances and the recent Budget will have only added further complexities. However, this also presents an opportunity – now more than ever, it’s crucial to proactively engage with your finances.”
How RetireEasy can help you plan YOUR retirement
Whether or not you are a “mass affluent”, the RetireEasy LifePlan can put your future plans in order and your mind at ease.
It’s a powerful program that will help you project how your current savings and investments trajectory will stand up to your planned spending throughout retirement. The data is available in easy-to-grasp graphs; and, armed with that knowledge, you can then test out different scenarios to see what would happen (for example) if you retired earlier or later, cut back or increased your savings, took a long-haul holiday or helped a family member get on the housing ladder.
If your subscription has lapsed, just a few pounds a month will get you back on track!
