Workers want more education on retirement issues, with topics varying depending on a person’s age, according to a new survey from Partnership, a specialist provider of financial solutions for people with health and lifestyle conditions.
The survey aimed to discover what information and education people would find most useful ‘at retirement’. While 18 percent of 21-30 year olds and 26 percent of 56-65 year olds said they didn’t want any education on these issues, they majority are keen to hear more.
The age group closest to retirement age (56-65) were most interested in receiving information on benefits and state support (53%), how to manage their finances to ensure tax efficiency (34%) and different types of retirement income products (28%).
In comparison the 21-30 age group felt that when they retired they would want to understand how to structure a budget for retirement (41%), before gaining information on state support (32%) and tax efficient finances (25%).
Interestingly, 21-30 year olds were also more interested in how their home and any other property assets might play a role in retirement (18% vs. 12% for 56-65s), which suggests this generation may take a more holistic approach to retirement planning than their parents.
Jim Boyd, Director of Corporate Affairs at Partnership says:
“While it is concerning to see that some people appear to have little interest in retirement planning, the vast majority of people are keen to understand more about some of the key issues which will impact on their finances when they stop work.
“While older people want to ensure they receive the state support they are entitled to, the younger generation is most interested in how to structure a budget for retirement. This difference of opinion may be due to those in their twenties being sceptical about the level of Government support they will receive when they retire or perhaps being more optimistic about the level of retirement savings they can achieve.
“In addition, the older generation are also almost three times more interested in retirement income products as they are closer to stopping work and face the reality of having to replace a regular income. Irrespective of the differences, overall it suggests people want more clear information and education on retirement issues to ensure that they feel they can make the most of their finances.”