Independent Financial Life Planners Bishop's Stortford: Loosing track of your savings

Wednesday, 4 November 2015

Loosing track of your savings

Enable’s IFA’s in Bishop’s Stortford know that many of us spend significant amounts of our lives trying to build up savings so it seems extraordinary that some savers lose track of finances after retirement according to the research for Fidelity Worldwide Investment.

The findings were drawn from a survey of more than 1,000 people, roughly two-thirds of those who were retired and a third who were still working in a full or part-time capacity. Those surveyed had some form of retirement savings on top of a state pension, although their money was not necessarily held in a pension scheme. Clearly the people surveyed had been interested in saving but it seems, as the research suggests, that savers are more likely to lose track of their finances once they are in retirement. One in five (20%) people aged over 55 who were still working did not know the value of their pension savings, this increased to 30% among those who had retired.

The study found evidence to suggest that 13% of over-55s did not know how they were going to fund essential outgoings. Over-55s in the Midlands were found to be the most out of touch with their retirement savings, with more than one in three (35%) saying they did not know how much their combined savings were worth. Nearly a third (31%) in Scotland and a similar proportion (30%) in Wales did not know the overall value of their pension savings. People in London were the most engaged with their pension savings, with almost four-fifths (78%) knowing the value of their pots.

It may be easy to slip in to apathy as you approach retirement feeling like you do not have too many resources and clearly saving more earlier is better but Enable’s IFA’s in Bishop’s Stortford may be able to help you make the best of what you have.

Source - AOL Press Association

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.