More than ever, UK savers are struggling to prioritise their pension, with over half saying they are likely to review or reduce their pension contributions in the wake of the pandemic*.
It’s true that it can be easy to think of pension contributions as a drain on your resources. And yet, despite travel restrictions, Britons were still expected to spend £46.8bn on staycations last year, according to Visit Britain forecasts.
So why not think of your pension as saving up for holidays, too – just a bit later in life?
Retirement – longer and healthier than ever
Life expectancy at birth is now 79.4 years for males and 83.1 years for females, according to ONS figures. And this is just an average; in 2019, the number of people aged 90 and over rose by 3.6% to 605,181.
This means that many people are now living 20 to 30 years beyond retirement age – many of whom enjoy very good health due to improved living standards. So, you’re still likely to want to enjoy holidays, meals out and other treats when you retire!
Prioritising your pension
With so many demands on our income, it’s not surprising that many of us struggle to prioritise our pensions. That’s what we’re here for. We can help you balance your finances now, so you can make those holidays a reality in the future.
* BlackRock, 2020
Please note: The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.