Debt and luxury items trump retirement saving in 2015 - research

Carmen Reichman
clock

A quarter of consumers plan to make paying down their debt a priority in the coming year, research by a financial services firm has found.

True Potential's survey of 2,000 adults, carried out in December, found 24% of Britons listed debt reduction as their main financial goal for 2015. This was followed by the desire to save for luxury items such as a car or holiday, which was expressed by 23%. Saving for retirement was a main priority for only 17% of respondents, despite the looming pension reforms which will give people greater freedom to create a retirement income from April. The desire to buy a luxury item was most prevalent among the youngest age group polled - 18 to 24-year-olds - and among pre-retirees aged 45 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

Targeted support: FCA rules out specific annuity suggestions

Targeted support: FCA rules out specific annuity suggestions

Firms must signpost consumers to MoneyHelper’s annuities comparison tool

Jenna Brown
clock 30 June 2025 • 3 min read
How annuity underwriting needs to change to meet Consumer Duty

How annuity underwriting needs to change to meet Consumer Duty

'This is an industry systematically delivering poor outcomes'

Andrew Gething
clock 24 June 2025 • 4 min read
Annuities in a post-freedoms world: The need for rebranding and repositioning

Annuities in a post-freedoms world: The need for rebranding and repositioning

‘The challenges facing today’s retirees are intensifying’

Steve Butler
clock 22 May 2025 • 4 min read