'Worrying' FCA findings flag lack of retirement preparation and pension savings

Fewer than 9% of people tapped into financial advice in previous 12 months

Isabel Baxter
clock • 4 min read

Thousands of people feel unprepared for retirement and have a lack of pension savings, the Financial Conduct Authority (FCA) has found.

The regulator's latest Financial Lives Survey of nearly 18,000 UK adults flagged that many people feel unprepared for retirement, with 22% of non-retirees saying they do not understand their options and 31% admitting they had not thought about how they would manage financially in retirement. Alongside this, the survey found that one third of adults have less than £10,000 saved in their pension. The FCA added that only 8.6% of people received financial advice on investments, pensions or retirement planning in the previous 12 months. FCA executive director of consumers and competitio...

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