Report: Savers vs Spenders
Aviva’s latest pensions report provides analysis of UK consumers’ mindsets when it comes to their financial habits and provides steps that can be taken to improve long-term financial health.
- More people view themselves as a saver rather than a spender (43 per cent vs 28 per cent).
- Almost a third of people do not know how much they have saved for retirement. However, overall the research found that people do understand the importance of saving and that they have concerns about their current savings levels.
- The mean amount people have saved into a pension is just over £49,000. For those with years of pension saving ahead of them, this size pot is encouraging. However, those close to retirement would only receive an annuity income of approximately £2,516 per year.
- One in five people have no additional savings other than a pension, while 13 per cent have £1,000 or less. More than a quarter of people have £5,000 or less in savings.
- Recommendations from this report include encouraging people to take more ownership of their pension savings and increasing financial education in the workplace.
Aviva surveyed 2,010 employed adults aged 22–65 on a range of topics around their current finances and their potential financial situation in the future.