Britain to become a nation of Retirement Savers

Brits are planning using their savings to live it up in their retirement, according to new research from Abbey Savings. 44 per cent of these Retirement Savers are planning a trip around the world when they retire and a further 17 per cent are building up their pension pot to pay for some form of unique experience, such as a hot air balloon ride across the Serengeti or swimming with dolphins.

25 per cent of Brits are planning on taking up a new sport or other active pursuit and 11 per cent would like to take up the guitar or another musical instrument when they retire. A further 1.8 million people (four per cent) would like to experience an extreme sport, e.g. parachute or bungee jump, and 1.7 million people (four per cent) are keen on taking up flying lessons in their retirement.

However, the Abbey study also shows that only 48 per cent of retired people have actually saved up enough to do everything they wanted to do in their retirement. And a staggering 61 per cent of those who are not yet retired believe that they will not have saved up enough money to do what they want to do by the time they retire.

On average, Brits believe they will need to save £201,000 in order to retire in comfort. However, further research shows that the average amount required for a comfortable retirement is approximately £400,000.

But there’s some good news for us all as retired people still feel on average 16 years younger than their actual age and 33 per cent still feel attractive to the opposite sex.

Despite not having saved up enough to do everything they want to, retired people are still enjoying the fruits of their labour. 44 per cent have been out to a bar or pub in the last year, 25 per cent regularly attend classical music concerts and nine per cent have even attended a rock concert in the last year.

12 per cent regularly take part in sporting activities, nine per cent are taking dance classes and three per cent have even gone clubbing in the past year!

Reza Attar-Zadeh, Abbey's Head of Savings commented: “Clearly Brits are enjoying their retirement, but it’s sad to know that a significant number of retired people didn’t save up enough to fulfil their retirement dreams and that over 60 per cent of us don’t think we’ll have enough savings to enjoy our retirement fully. We all need to think carefully about our retirement and make sure we’re saving up enough money every month to fully enjoy the autumn and winter of our lives.”

Abbey’s Super range of savings accounts pioneers the use of combination products involving strong cash rates combined with guaranteed structured investment vehicles. The way these products are manufactured allows for highly attractive rates combined with capital guarantees.

Customers can apply for any of Abbey’s Super range by visiting abbey.com.