A handy tip to make retirement saving a little easier
Even before the pandemic, high living costs and debt meant that many people found contributing much to their pension pots challenging
Now, with rising unemployment and an uncertain economy, it’s unsurprising that 16% of employees reduced their pension contributions as a result of the pandemic, 15% opted out, while 7% stopped contributing altogether1 .
A matter of perspective
Despite reduced incomes and travel restrictions, English holidaymakers still spent £28.5bn on staycations and day trips in 20202 . So, if holiday funds currently take precedence over your pension, try seeing it this way: your pension contributions are still saving up for a holiday – just a little later in life!
Imagine your future self
Retirement may seem a long way off, so try imagining yourself in the future and what you want to do and achieve once you stop working. You might want to holiday and eat out regularly or take up a new hobby maybe. Imagining what your pension funds might help you to achieve, rather than considering them as an inconvenient chunk bitten out of your current income, is a great way to prioritise your pension.
Any contribution is worth it
Any contribution is better than no contribution, so let us help you assess your finances to make those future holidays a reality. 1 Employee Benefits, 2020, 2 isit Britain, 2020
It is important to take professional advice before making any decision relating to your personal finances. Information within this page is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.
Tax and Estate planning are not regulated by the Financial Conduct Authority
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
Will writing is not regulated by the Financial Conduct Authority.
Fill in the form below and one of our experts will be back to you within 24 hours.