Hammering home the difference between perceptions and reality

Many people do not realise they will not be able to finance their plans for retirement, so advisers need to educate clients and ensure they are taking the right steps to secure a decent level of savings

The scale of the pensions problem is well documented and therefore the potential opportunity is enormous. According to government figures, in 1950 the ratio of people of state pension age divided by people of working age was about 19%. Since then, this figure has risen to 27% and is predicted to reach 47% by 2050. Unfortunately, when it comes to public perception of the true size of the problem there is still some serious catching up to do. Compounding the problem are further misconceptions in relation to individuals' own savings. Those who have set up pensions already and think their reti...