A recent study by the Centre for Economics and Business Research (Cebr), commissioned by Scottish Friendly, reveals that 22% of UK adults prioritise early retirement in their long-term financial planning.
Other top financial goals include leaving an inheritance (21%) and paying off a mortgage early (20%). Notably, 17% of respondents reported having no long-term financial goals – which is a potential concern if they continue to pay little attention to their future standard of living as retirement gets closer.
Indeed, despite more than one in five of those polled aspiring to finish their working lives early, the stark reality is that many underestimate the cost of retirement.
Eadon & Co Director, Tim Eadon, said: “When speaking to clients, time and again we find that people simply haven’t paid much thought to how much being comfortable in retirement will cost them.
“Only a small number of savers we work with are fully prepared for the future, which is why we always recommend starting early. Even small amounts, tucked away often, can end up providing significant benefits in later life.”
These findings are part of Scottish Friendly’s 2024 Family Finance Tracker, which explores the savings and investment behaviours of 2,600 UK adults.
Source: McQuaid, Darius. Money Marketing. August 2024. https://www.moneymarketing.co.uk/news/over-a-fifth-of-the-uk-prioritise-retiring-early/
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