31% of British staff are in control of their retirement

Women have up to 45% less in their pension pots than men at retirementNew research has revealed that one in three (31%) British employees are in control and organised with their retirement planning.

Private and commercial bank Arbuthnot Latham surveyed 300 respondents asking whether they are ready for retirement to discover the UK’s attitude towards the subject, as well as exploring how they plan to spend their time, where they will live and how they will fund it.

Searches for “What age can I retire?” have jumped by 350% over the last three months, suggesting that the topic is currently popular and that staff are thinking about future life and financial plans, and have a good idea of how they will spend their time once they stop working.

Almost one-third (30%) did not have a straightforward views towards the subject, with answers spread over several profiles that showed mixed attitudes towards their life after work in terms of readiness and preparation.

Around 19% expressed a cautiously optimistic attitude, answering that they are less sure about what the future holds and might benefit from considering their future wants and needs, as well as developing a plan to help them enjoy their retirement.

Of the remaining respondents, 10% would describe themselves as adventurous and energetic, and the remaining 10% were open to options.

Those who said they were adventurous and optimistic answered that they plan to live life to the full, enjoying every minute of their retirement and filling their days with new experiences. Those who stated they were open to options may be further away from retirement and as yet have not thought too much about their retirement.

Steve Pennington, head of wealth planning at Arbuthnot Latham, said: β€œIt is reassuring to see that people feel that they are taking control of their future and putting in plans for their retirement. Of course, feeling in control and actually being in control can be different things, especially as events change.”