When it comes to how workers plan to save for their future, alternative saving methods are becoming increasingly attractive compared to relying on traditional state pensions. Cash savings/deposits, downsizing or selling property, and personal pension schemes were among some of the options people are looking into to fund retirement.
While it appears the working population is becoming more financially-conscious about retirement, over a third admitted that they wish they'd started saving earlier on. Meanwhile, 24 percent confessed they hadn't begun saving for retirement, including 12 percent of those in their 60s.
However it isn't all that easy for workers who have started to save either. Forty two percent of those who have begun saving admitted to having either faced challenges or stopped, when it came to preparing for life after work.
"For some, (retirement) is about discipline with some wanting to prioritize outgoings versus incomings and make choices about how they spend their assets. For others it's far more challenging — income levels may not give them the [flexibility] to do such things, while others have commitments they are funding," said Schweitzer.
While the way we save for retirement differs from person to person, HSBC stresses that it's essential for individuals to start saving as early as possible, even if it's a small amount.
"People need to start (saving) earlier. The earlier you start, the less impact it will have on your daily outflows, because you have more time. So if you can start in your early twenties, even if it's just £50 ($66.50) a month, it's much, much better than waiting until you're 30 to do £100 a month. You don't pick up the benefit ever, of time."
As well as starting the saving process as early as possible, the bank recommends three other measures when it comes to approaching retirement: consider the essential retirement expenses, get advice from professionals, and finally a very important step considering today's climate: prepare for financial ups and downs.
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