The Great British Retirement Survey 2021
Report highlights
Never has the thought of retirement seemed rosier for working Britons who have experienced two years of the Covid pandemic and months of lockdown. Almost half (49%, up 14% on last year) see it as a time of financial freedom and independence and one in three (29% versus 22% last year), put travel as their top priority when they stop working.
Focusing on various aspects of retirement, including wealth, health, relationships and leisure, our survey gives the most revealing picture yet.
- Britain’s workers dream of a retirement of travel and sun, but growing number suffer pension nightmares
- Faith in the social contract in tatters as Britons of all age fear chancellor will raid pensions and break more promises
- Young people doubt the state pension will exist for them by the time they retire and are more focused on getting on the housing ladder than holiday flights
- Investors feeling the flipside of pensions freedom and pensions complexity
- Cost-conscious savers taking control of investments and increasingly choosing ethical options
Open letter calling for initiatives to encourage saving to be preserved
Following the results of our Great British Retirement Survey, and ahead of the Autumn Budget, Richard Wilson, CEO, interactive investor wrote an open letter to the Treasury, the Department for Work and Pensions, and the Financial Conduct Authority. As millions of people run out of money in retirement, placing an ever-rising burden on the state in the form of benefit support, we have asked that incentives such as the Lifetime Allowance need to be respected and preserved.
In the letter, we highlighted the very real fears and concerns revealed by this year’s interactive investor Great British Retirement Survey.
This major piece of work has drawn on the experiences of more than 10,000 respondents nationwide, answering over 100 detailed questions, and it highlights the worries people have regarding future and existing retirement plans, and uncertainty regarding government policy.
Please remember, SIPPs are aimed at people happy to make their own investment decisions. Investment value can go up or down and you could get back less than you invest. You can normally only access the money from age 55 (57 from 2028). We recommend seeking advice from a suitably qualified financial advisor before making any decisions. Pension and tax rules depend on your circumstances and may change in future.
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