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2 clusters · 4 sources · 1 days · First seen · Last updated
UK retirement savings and pension gaps
Overview
Research indicates widespread retirement savings shortfalls across various age groups in the United Kingdom. Data from Wealthify suggests that most demographics, particularly those aged 45 to 65, face significant gaps between their projected savings and the approximately £32,700 per year required for a moderate retirement. While Millennials currently show expectations aligned with these requirements, there is a notable discrepancy between the retirement age expectations of 16-17-year-olds and actual government figures.
Further analysis highlights a significant gender pension gap, with women aged 55 to 59 holding a median private pension wealth of approximately £81,000, nearly half the £156,000 held by men. This disparity is attributed to career breaks, part-time work, and lower pay. Additionally, the performance of default pension funds under auto-enrolment varies widely, with returns ranging from 88% to 232% over a ten-year period. Experts emphasize the necessity of building independent pension pots due to the individual nature of state pensions.
Entities
Timeline
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about 6 hours ago
[BUSINESS] 2 sourcesUK gender pension gap driven by career patterns and fund performanceWomen in the UK face a substantial gender pension gap driven by career patterns and the performance of default pension funds, with median wealth for women significantly lower than for men.
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about 13 hours ago
[BUSINESS] 2 sourcesUK pension shortfall: Millions face significant retirement savings gapsA Wealthify study reveals most UK age groups face significant pension shortfalls, with the 45-54 demographic projected to be £312,110 short of a moderate retirement target.
Sources
darlingmagazine.co.uk · helensburghadvertiser.co.uk · largsandmillportnews.com · mummybarrow.com