Experts Take To The Road To Put Retirement Savings In The Fast Lane

SAVERS in Liverpool will have the opportunity to receive support and guidance on saving for the future thanks to an initiative from Scottish Widows and savings awareness organisation Pension Geeks taking place in the city next week. Scottish Widows and Pension Geeks will be embarking upon a six-city savings awareness tour in conjunction with national Pension Awareness Day on 15 September, stopping in Liverpool on 15 September at the Paradise Space, Liverpool ONE between 10am and 6pm. Experts on the bus will be able to help people in Liverpool with practical advice and tips to help increase retirement savings levels. Recent research from Scottish Widows found that nationwide, while the proportion of people saving adequately for retirement had been on an upward trajectory since 2013, buoyed by the introduction of auto-enrolment, in 2016 the number stayed static year-on-year at 56%. However, figures could remain static as more than half of Liverpudlians (56%) believe they won’t be able to save any more in the next 12 months than they do now. Liverpool residents believe they can leave starting to build their nest-egg until later than the rest of the nation (31.0 years versus 29.3 years). At the same time, they are the only city where residents believe they will be able to start saving at the age they think is necessary. However, Scottish Widows research shows that people in Liverpool may be burying their heads in the sand over their retirement savings. Only a quarter (26%) thinking their pension, savings and investments will be adequate to meet their needs, and more than four in ten (42%) never check their pensions savings. Robert Cochran, Retirement Expert at Scottish Widows, said: “Although the recent Scottish Widows Retirement Report tells us we’ve maintained record levels of adequate retirement saving this year, it’s clear that there is still more work to do to drive increased levels of savings. The fact that a quarter of Liverpool residents believe their current pensions, savings and investments will meet their retirement needs highlights a clear need for better education around retirement savings. “By bringing experts to the city, we hope to help more people understand how they can become better prepared for the future, and how making small changes can go a long way when it comes to shoring up their financial future.” Jonathan Bland, director of Pension Geeks, said: “The reality is that many face not having enough in their pension pots to secure a decent income for the future.  Despite the introduction of auto-enrolment, which is great to get people saving, we just don’t pay enough attention to how much we are saving and whether that’s going to be enough.  That’s why we came up with the Pension Awareness Campaign – it’s a fun and informal way to help educate not only those nearing retirement but also younger people, to encourage getting into the savings habit early and to increase engagement with saving. “We encourage everyone to just take 10 minutes out of their day and come and see us at one of our bus stops.  Saving for the future doesn’t have to be scary and we’re here to support you.” For further information, visit www.pensionawarenessday.com