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

What next for the income drawdown 'class of 2015'?

What next for the income drawdown 'class of 2015'?

‘Advisers know that retirement planning does not stop at retirement’

Stephen Lowe
clock 28 March 2024 • 5 min read
Retirement income advice: FCA finds 'mixed picture' among case files

Retirement income advice: FCA finds 'mixed picture' among case files

Regulator published outcome of thematic review into retirement income advice

Jenna Brown
clock 20 March 2024 • 5 min read
FCA tells IFAs to review retirement income advice processes

FCA tells IFAs to review retirement income advice processes

Comes after regulator’s thematic review of retirement income advice

Jenna Brown
clock 20 March 2024 • 2 min read