Pension Awareness Week is a week that’s all about highlighting the importance of saving and getting the best from what you’ve saved. In 2022, those messages are more vital than ever.
A little over a year ago, the number of UK-pensioners living in poverty passed 2 million. That number has risen again since. In fact, today, around one in five of those over the age of 65 is living in poverty. It’s a startling statistic and, frighteningly, it’s one that’s only set to get worse.
The prices of food, energy and housing are going up at alarming rates. With the increase in the costs of living rising more that 10% on the previous year. Along with these increases, the amount of money we’ll then need later in life rises too. With financial pressure mounting on families and individuals, paying into a pension may not seem much of a priority. But it has never been more important.
Paying for something now that you’ll only use in the future (for some, the distant future) may seem off-putting. But getting into the saving habit today could have a huge impact on you in the future. In other words, paying into your pension is something you should treat with the same priority as paying your rent or mortgage, or your gas and electricity bills.
So how can you do it?
We don’t have all the answers, as everyone’s individual circumstances are different. However, we can show you tools and information that will hopefully help you.
This week on the Pension Awareness website there are loads of helpful live shows that aim to provide you with information about pensions and savings in general. If you’re thinking about opting out of a pension or know someone who is struggling with this decision it might be worth watching their, taking care of your finances show, on Wednesday 2 November at 10am and Friday 4 November at 2pm.
The Pension Awareness website also has other useful articles, resources and videos you may wish to take advantage of. Along with this our own My Pension website and Trafalgar Houses’ My Work Pension website are here to help you with your pension related questions. We recommend you explore the websites and our other articles, like our recent article about how much you need to live on when you retire. You can then think about how much you should be setting aside so you have the best chance of enjoying the retirement you’d like.
With so many competing demands on your household budget, it might not be easy but saving for our future is something we should all strive for.