- UK statistics for thought - UK’s Office of National Statistics released early data.
- Will debt be a burden. What do the stats say
Earlier this month the UK’s Office of National Statistics released early data on its latest Wealth and Assets survey dealing with the 16/17 year period. This survey looks at attitudes to saving for retirement, automatic enrolment into workplace retirement schemes, credit commitments and debt burden.
Some of the interesting findings are as follows:
- Only a nominal number of UK citizens think that shares will be their primary source of retirement income; the significant majority think it will come from workplace pension schemes
- Only 18% of all adults said that their decisions on pensions, savings or investments had been influenced by anything in the wider world (in 2014/16 the equivalent number was 15%) – given the Brexit vote and other geopolitical impacts ordinarily you might have considered this number would be higher
- 59% of UK working citizens expect to retire at some stage between ages 65and 69; in addition there is has been no increase in the relatively small percentage of British workers wanting to retire from at least age 70 – these numbers are very little changed from previous editions of this research
- 38% of respondents – not significantly changed from previous research – thought that they would be retired for between 20 and 24 years; as might be expected a larger proportion of older non-retired workers had thought about this question than younger workers
- 54% of men under 65 and women under 60 still in the workforce were confident their retirement income would provide them with the ideal statement of retirement when they finally stopped work
- 8% of all adults said their the financial burden of paying off non-mortgage debt was a constant burden; 21% said this type of debt was somewhat of a burden.
So what are New Zealanders and Australians attitudes to these particular issues in relation to retirement in particular? There is a lot a research on these topics that is available. We plan to release a paper on some research that we have commissioned in the near future.
Early indicator estimates from the Wealth and Assets Survey
Report on: attitudes towards saving for retirement, automatic enrolment into workplace pensions, credit commitments and debt burden, July 2016 to June 2017.Read Report