One savings account expert has recently told the nation’s workforce that beginning your savings activity well ahead of your retirement is the most important thing you can do to prepare for your golden years.
Many Brits who are nearing close to the time when they can permanently head home from work have already been preparing for the future by putting away extra cash in savings products such as fixed rate bonds or ISAs. However, all workers in the UK need to to recognise that they could stand to save just that much more for their retirement, according to personal and business bank account expert Tom McPhail, Hargreaves Landsdown’s head of pension research.
During a recent podcast interview, Mr McPhail remarked that people need to realise that new legislative changes will see them waiting a bit longer before they can start drawing upon their pensions. However, willingness to save may be split down gender lines, according to one recent research study.
Research data indicate that female workers now seem to have more awareness of the need to put money towards retirement, according to Informed Choice chartered financial planner, Martin Bamford. Mr Bamford said that women now have much more knowledge regarding pension savings than they had in the days before the worldwide economic crisis.
Explaining that they seem to be more ‘clued-up’ than their male counterparts in regards to how much money they’ll need to live comfortably after their retirement, women were found to take planning for retirement in a much more serious manner than men.
Earlier this month, figures released by online resource Unbiased revealed that, for consumers seeking independent financial advice in the month of May, retirement planning was the top of the agenda.