New figures from the revived Pensions Commission show that nearly 15 million people are undersaving for retirement.
The i Paper speaks to Kira Rees and Alisha Frost are two such women who are concerned about their future retirement savings – while one cannot afford to save, the other contributes 12.5 per cent of her salary.
Kira Rees believes the Government should intervene earlier (Chris Meany)
“The rising cost of living has made it virtually impossible for me to save for retirement. I am having to use all of my earnings towards necessities,” the 29-year-old adds.
“It is hard to allocate money to the retirement fund because I am unsure exactly how much I should be putting away, if anything, and where I can go to set one up,” she explains.
“There isn’t enough guidance out there. When you are employed, it is not something you think about as all the hard work is done for you. But when moving to self-employment, you’re very much left to your own devices,” she says.
‘I pay 12.5% of my salary in to my pension and still worry I won’t have enough”
Alisha Frost pays more than most into her pension every month but is still worriedBy contrast, Alisha Frost has chosen to contribute 12.5 per cent of her salary into her pension via a salary sacrifice scheme – but she says even that does not offer full peace of mind.
The 24-year-old, who is from Hampshire but now lives in Leeds, had originally been auto-enrolled in her first job at 7 per cent, with her employer matching.
Still, she worries about how long her savings will last, especially if she is still renting by the time she retires. “Rent is ridiculously expensive, and unless there are really big positive reforms, I worry I may be stuck renting forever or have a mortgage well into my retirement which will then decimate my pension,” she says.
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She added: “The unknown is always scary. Even if I don’t retire early, I will still stress. Even if I won £5m in the lottery, I would still stress that it’d run out.”
Ms Frost said: “I don’t think I’ve ever seen any sort of government advertising targeted towards younger people tied to pensions. We need more awareness of how pensions work, where the money goes, and why it’s beneficial to start saving early.”
Schools and employers could play a far greater role in educating young people about retirement and investing, she suggests: “My employer has some upcoming financial literacy sessions, which I’m excited about. But I’d love to see that kind of thing rolled out more widely.”
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