Northern Irish savers are the least confident that they will be able to have financial freedom in retirement, according to new data released by national advice firm Continuum.
Over half (51%) of Northern Irish adults surveyed said they are not confident that they will be able to have financial freedom in retirement.
Savers from Scotland and the East of England were also concerned about later life finances, with 50% of those surveyed saying they were not confident that they will be able to have financial freedom in retirement.
The most confident savers were those from London (42%) and the South (43%) of England.
How confident are you that you will be able to have financial freedom in retirement?
| North | Midlands | East | London | South | Wales | Scotland | Northern Ireland | |
| Confident | 42% | 44% | 42% | 47% | 43% | 43% | 43% | 42% |
| Not confident | 48% | 46% | 50% | 42% | 43% | 47% | 50% | 51% |
| Unsure | 10% | 10% | 8% | 11% | 14% | 11% | 7% | 7% |
Source: Survey of 2067 adults by YouGov on behalf of Continuum.
Despite being the most concerned about retirement finances, Northern Irish savers were by far the least likely to be concerned about maintaining their current lifestyle. They were also the least likely to be concerned about supporting family members.
They were, however, amongst the most likely to be concerned about the costs of healthcare in retirement, with 21% saying this was something they are concerned about. This is more than twice the number of Londoners who shared this as being a concern.
Ben Alcock, Chartered Financial Planner in Continuum, warned that Continuum’s new research demonstrates how Northern Irish savers are seriously worried about healthcare costs.
He said: “Despite 81% of Brits telling us that maintaining their current lifestyle in retirement is important to them, only 8% of Northern Irish savers said this was one of their main concerns when it comes to their later life finances. This suggests that despite wanting to maintain their current lifestyle, other worries such as being able to pay for healthcare seem far more pressing.
What are your biggest financial concerns for retirement?
| North | Midlands | East | London | South | Wales | Scotland | Northern Ireland | |
| Outliving my savings | 22% | 18% | 15% | 25% | 20% | 7% | 17% | 11% |
| Healthcare costs | 10% | 12% | 13% | 10% | 14% | 21% | 6% | 21% |
| Not being able to maintain current lifestyle | 32% | 32% | 37% | 32% | 29% | 37% | 34% | 8% |
| Supporting family members | 7% | 8% | 10% | 8% | 12% | 5% | 3% | 2% |
| No concerns | 14% | 18% | 14% | 12% | 14% | 15% | 15% | 25% |
Source: Survey of 2067 adults by YouGov on behalf of Continuum.
Perhaps reflecting their concerns, consumers from Northern Ireland were also some of the most likely to have sought some form of advice around their retirement finances. Over half (52%) had sought advice from someone about their retirement finances, with 15% having sought the services of a financial adviser.
However, savers from London and the East of England where consumers were most confident in their later life finances, were also some of the most likely to have sought advice. Over half (52%) of Londoners had reached out to someone for advice around their retirement finances, with 9% having used a financial adviser. Half of those in the East of England had turned to someone for advice, with 13% having used a financial adviser.
Which has been your main source of financial advice for planning your retirement?
| North | Midlands | East | London | South | Wales | Scotland | Northern Ireland | |
| Financial adviser | 13% | 17% | 13% | 9% | 19% | 7% | 18% | 15% |
| Online resources | 15% | 11% | 10% | 15% | 15% | 9% | 12% | 15% |
| Friends and family | 8% | 6% | 10% | 12% | 8% | 9% | 5% | 9% |
| Colleagues/employer | 8% | 8% | 10% | 7% | 9% | 5% | 8% | 10% |
| Books/magazines | 1% | 1% | 0% | 1% | 1% | 2% | 1% | 0% |
| Other | 2% | 4% | 4% | 4% | 2% | 6% | 2% | 0% |
| Not sought advice | 51% | 50% | 50% | 52% | 42% | 62% | 54% | 52% |
Source: Survey of 2067 adults by YouGov on behalf of Continuum.
Ben Alcock, warned that not seeking professional financial advice could have serious consequences for many Brits lifestyles in later life.
He said: “There is a misconception amongst UK savers that financial advice is only for the wealthy, but this is not the case. Many Brits on average incomes could benefit from taking professional financial advice, especially when it comes to retirement planning.
“A discussion with a financial adviser can help you evaluate what you want your future to be and guide you towards it. They can also help put you in control of your finances, be able to cope with financial shocks, and provide financial options that adapt to life’s challenges and provide clarity and security for the ones we leave behind.”
It is also important for savers not to put off taking advice until they are nearing retirement.
Ben Alcock said: “Retirement may seem like a long way away in your 20s and 30s, with saving for later life rarely making it onto the top of your priority list. But starting saving sooner rather than later can really pay off.
“A good financial adviser can help you look past your short and mid-term savings goals and look at the wider picture, but our research shows that very few Brits are consulting a financial adviser about their retirement plans until it is just around the corner, with four times as many over the age of 55 (21%) having taken advice than those between the age of 35 and 44 (5%).
“By waiting to take professional advice until the age of 55 Brits will already have missed many opportunities to boost their savings and may find they have to make lifestyle compromises in retirement as a result.
“Pensions are designed to be a long-term investment and are likely to be the longest investment you make in your lifetime. The earlier you start saving, the more time your investments have to grow.
“Most employers will also top up anything you add into a workplace pension so it makes sense to make the most of the opportunities they offer. The government also offers tax relief on pension contributions which can help cut your total tax bill whilst boosting your retirement savings.”
All figures, unless otherwise stated, were from YouGov Plc. Total sample size was 2067 adults. Fieldwork was undertaken between 28th – 30th June 2024. The survey was carried out online on behalf of Continuum. The figures have been weighted and are representative of all UK adults (aged 18+).
