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Research reveals holidays are a higher priority than pensions
Research from Standard Life UK has found that UK adults are prioritising holidays over pensions.
While the survey of 6000 people found that managing day-to-day finances was their main concern (cited by 40 per cent), this was followed by saving for holidays (31 per cent). Just 15 per cent said that contributing to their pension is one of their top financial priorities. Almost a third (28 per cent) said they prefer to live for today rather than plan for the future.
Nearly half (47 per cent) said they felt that their retirement prospects were being shaped by forces beyond their control, and more than eight in ten (83 per cent) perceived a world less stable than before. Over half (59 per cent) cited changes in the UK and globally (57 per cent) as reasons for lower confidence in their financial futures.
Mike Ambery, retirement savings director at Standard Life commented: ”It’s understandable that many people are focusing on meeting their day-to-day costs and prioritising a well-earned break.
“But even in tougher times, keeping one eye on the future can make a big difference. Regularly putting something aside for later life – however small – can help keep long-term plans on track without missing out on what matters today.
“Unsettling news at home and abroad can make it feel as though your financial future is out of your hands – but achievable, consistent actions can have a lasting impact and make you feel a bit more secure.
“Whether that’s setting a clear budget, building up an emergency fund or checking in on your pension and boosting it you need to, small steps towards boosting your overall financial well-being can help you feel more confident and in control.
“It’s not about giving up what you enjoy today – it’s about finding a balance that works for both the present and the future. In fact, the contributions you make today could help you enjoy more freedom and choice later on – whether that’s taking longer trips, travelling more often or simply having the time to explore the world on your own terms when work is no longer in the way.”
