Four out of five people are not saving enough

Four out of five people are not saving enough

Haslers calls on savers to think about their retirement as new research shows four out of five people are not saving enough
Top 100 accountancy firm, Haslers Chartered Accountants, believes that people across the region need to plan ahead to make the most of their later years in retirement.

Earlier this year the Pensions and Lifetime Savings Association (PLSA) revealed 80 per cent of people were not sure whether they had saved enough for their retirement.

Encouragingly, a third of those surveyed said they could save more for retirement and Haslers suspects that in some cases savers may not be aware of the tax-efficient opportunities on offer to them.

Jon O’Shea, Chairman at Haslers, said that all too often savers left it too late in life to plan for retirement and he is encouraging early action to help make saving for retirement less onerous.

“When we speak with young business owners and clients about retirement they often admit that they do not save enough, but in many cases, as the research suggests, they could be doing much more to help themselves,” said Jon.

“Younger savers often are more concerned about building a deposit for a home, paying their rent or raising a family. However, early action can make the process of preparing for retirement much less stressful and savers maybe able to benefit more from tax efficient savings such as ISAs and EIS/SEIS investment for a longer period of time.”

Haslers believe that by planning early in life and sticking to targets savers may even find that they are able to retire early or enjoy a much higher quality of life during their retirement.

“Not only that, but a good plan will also include provisions for your family to ensure that the maximum amount of wealth is passed on to the next generation and may also incorporate provisions for the succession of your business after you retire,” added Jon.

Four out of five people are not saving enough