Retirement worries strike

UK consumers are concerned about the future and their ability to save for retirement, according to Intrum's research.

Cost of living concerns mean many consumers are focused on short-term financial difficulties, but what about their prospects for #saving and #retirement?

Intrum's latest #EuropeanConsumerPaymentReport found that more than half (57%) of UK consumers surveyed said they worry they won’t be able to afford a comfortable retirement and six in 10 are dissatisfied with the amount they are able to save each month.

"When times are tough financially, saving and planning for the future understandably come second to daily juggling," says Intrum UK Managing Director, Eddie Nott . "However, our survey shows that consumers are worried about the future. More than half lack confidence that they will be able to afford a comfortable standard of living in retirement."

This is an even bigger concern for women: 62% said they are worried, compared with 51% of men. Likewise, young consumers feel more anxiety – 70% of millennial respondents said they are concerned, significantly more than the 47% of baby boomers who said the same.

In total, 22% of UK consumers say they don’t save any money each month, with 50% saving less than 10% of their monthly salary. However, those who do have capacity to save are saving more than they were twelve months ago – almost a third (31%) are doing this to ensure they have sufficient financial reserves to cope with economic disruption.

"Good financial habits, such as budgeting and saving, will put consumers in a better position in the long term," says Nott. "However, those who are struggling should speak to their creditors early and ask for support instead of suffering in silence."