Survey: Baby boomers worry most about pensions
A new survey by YouGov (LSE: YOU), commissioned by The Hartford (NYSE: HIG), shows that baby boomers see securing their future financial security as their highest priority. While 58 percent of those who responded to the survey said that they are “doubtful” that they will have the pension they desire when they retire, two thirds of them said that they do not plan to put more into their contributions in the next year. Only 17 percent said that they do plan to increase investment in their plan.
According to the survey, in which 2,400 individuals from all parts of the UK were interviewed, 36 percent expect that their pension will be the largest portion of their retirement income. 25 percent said they would rely on their state pension, while 11 percent said that a private pension would be their major source of income. Seven percent said they would rely on equity or wealth from property to support them in retirement. About 60 percent said that they were likely to get some income from a company pension, while 40 percent said that some of their retirement money would come from a personal pension scheme.
Among those over the age of 45, 32 percent said that their biggest concern is financial security. Nineteen percent cited their family as their biggest worry, while 15 percent each worried most about personal health and the environment. Terrorism was the biggest concern of 10 percent of respondents to the survey. An official of Hartford Life said that while it was understandable that pensions are on the minds of those over the age of 45, it was less comprehensible that so many in that age group are doing little to prepare for retirement.