Majority of people are not saving enough for retirement despite overestimating financial ability: Wealth at Work

Financial education can help employees understand value of workplace pensions

clock • 1 min read
Majority of people are not saving enough for retirement despite overestimating financial ability: Wealth at Work

People overestimate their financial ability and are not saving enough for retirement, research by Vital Research for Wealth at Work found.

Six in ten people (63%) think their financial knowledge is either 'excellent' or 'above average' according to a new survey that quizzed 1,015 UK working adults. The survey found more than two in five (41%) know they are not saving enough for a comfortable retirement. Wealth at Work found that respondents overestimated their financial ability on general financial issues including managing a monthly budget, debt and managing savings. A quarter (25%) of respondents said their financial...

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