Brits in unhappy jobs due to retirement woes

One in four (24%) of the British working population say they are unhappy in their current jobs claiming they would have chosen a different path in life had they known they would be financially secure in retirement according to new research from Selftrade.
Over one in three admitted they would have felt more relaxed over their careers (35%) and would have chosen not to work full time (33%).

One in four (24%) would have also tried to give their children a better start in life had they not had their own financial future to worry about, mentioning they would have liked to have saved more for their children.

At a time when many Brits are striving for better job satisfaction, Selftrade, is raising awareness about the importance of saving for retirement through investments such as a Child Self Invested Personal Pension (Child SIPP). The survey asked a GB representative sample of 2,742 people, had they started adult life knowing they would be financially secure in their retirement, how this would have influenced their lifestyle and what they would have done differently in their youth, revealing a ‘Wish List’.

Brits Wish List

Travelling the world came top for those who said they would have lived their life differently – revealing a nation of wannabe Sir Frances Drake’s. One in two Brits said they would have liked to have taken more time to explore the world (48%) had it not been for a lack of money.

Over one in three (35%) said they would join the hundreds of thousands of Brits who have already bought a second home in the sun, and more than one in three (35%) admitted they would have opted to live more for the moment.

One in five of the more academically minded said they would have preferred to have stayed in education longer (20%).

One in four believed they would have been healthier had they not had to worry about money (24%).

One in ten people in the UK said they would have taken more time to enjoy playing sport (9%) had they not been looking to secure their retirement.

The Wish List according to Age

The pressure for ‘family time’ is clearly an issue with many parents working long hours to create a sound financial future for themselves. One in five 25 to 34 year olds admits they would like to spend more time with their children (19%).

One in three people aged 35 to 44 say they regret not saving more for their children (34%), paving the path to an easier financial life for them.

Over one in two (54%) people between the ages of 25 and 34 would have taken more time out to travel before or after university.

Looking back on their life, one in ten people over 55 admitted they would not have got married so young (10%).

Stephen Barber, Head of Research, Selftrade said: “Our research shows how people’s lives could be different with the knowledge of security in retirement. A little amount put away early is easier than putting a lot away later in life.

A child SIPP is a great way to do this and potentially changing the lifestyles of the next generation. If you invest £2,800 a year for your child for 18 years, (tax relief will make it up to £3,600 the maximum annual contribution). Assuming 7% growth, this would leave the child with a pension fund worth £130,000 when they reach 18. If no further investments were made and growth continued at 7% per annum, the pension would be worth £2.2 million when the child reached 60.

This ‘Wish List’ uncovered by the research could in fact become reality”.