Scots fear retirement cash woe
FEAR of running out of money in retirement is most likely in Scotland compared with the rest of the UK, a study has found.
Research from Investec Wealth and Investment (UK) revealed 62 per of Scots were concerned their savings will not last them through retirement. This is much higher than the UK average of 56 per cent.
Ade Babatunde, Chartered Financial Planner at Investec Wealth and Investment (UK), said: “It is extremely worrying to see such high numbers of people in Scotland concerned about running out of money in retirement and not having enough money saved.
“This is particularly high in Edinburgh, Glasgow and the whole of Scotland compared to the rest of the UK.
“Some of it may be explained by people worrying ahead of their actual retirement and that is a good thing if it encourages them to save more and to seek professional financial advice. However, ideally people should start saving as early as possible.”
The study also found that women are more worried about running out of money compared with men. More than half (54 per cent) are concerned about how long their money will last in retirement, compared to only 44 per cent of men.
About 46 per cent of men who are not worried about running out of money in retirement say it is because they have a final salary pension scheme – compared with just 38 per cent of women who have one.
Financial expert Ade added: “The larger your pension pot is at retirement, the more options and flexibility you will have when you come to draw an income. Therefore, we would urge anyone concerned about retirement savings to talk to a financial adviser.”