Guidence gap fuels savings gap

As the rising cost of living puts pressure on millions to scale back and save, pension provider Phoenix Group is asking the Government to give people access to better help and support when planning their retirement.

This comes as a new report reveals less than a third of UK 50-64-year-olds know how much they’ll need for retirement, with a clear majority accessing neither advice nor guidance on how to build up and use a pension.

According to The Social Market Foundation think-tank, which is behind the study, this gap in the provision of good financial advice and guidance leaves many ill prepared for retirement, with many spending their pots unwisely.

Ros spoke to Scott Corfe, director and report author at The Social Market Foundation.

Photo by Colin Watts on Unsplash