'Worrying' FCA findings flag lack of retirement preparation and pension savings

Low take-up of financial advice

Thousands of people feel unprepared for retirement and have a lack of pension savings, the Financial Conduct Authority (FCA) has found.

The regulator's latest Financial Lives Survey of nearly 18,000 UK adults flagged that many people feel unprepared for retirement, with 22% of non-retirees saying they do not understand their options and 31% admitting they had not thought about how they would manage financially in retirement. Alongside this, the survey found that one third of adults have less than £10,000 saved in their pension. FCA private messaging crackdown not expected to expand to wealth and asset management The FCA added that only 8.6% of people received financial advice on investments, pensions or retirement ...