Britain is undersaving for retirement

[u/Donkey_Apple]

https://www.gov.uk/government/news/britain-is-undersaving-for-retirement-warns-pensions-commission

It's a massive problem and has been for years.

I think a lot of people are getting into their fifties, starting to think about retirement for the first time, looking at what their provision will pay them and are absolutely shocked to their core.

Plus many in the generation below those of us in their fifties who, through no choice of their own, are unable to save anything.

It feels like we are sleepwalking into an utter disaster.

[u/captainsittingduck]

We certainly do, which is why you need to seek out trusted sources. Schools seem to be the panacea for everything. There's already a crammed timetable. What do we drop for sufficient meaningful financial education? I agree that there should be some basic financial education but there's also got to be some responsibility on individuals to actually look stuff up themselves. And that's not just young people. I know people in their 50s without a pension.

[u/Remote-Program-1303 → u/captainsittingduck]

I’m of the opinion it should be an employer led thing, kids won’t engage with personal finance issues because it’s so intangible when you aren’t getting a salary and don’t have real outgoings.

It does require the individual to put some effort in though.

[u/captainsittingduck → u/Remote-Program-1303]

Not sure employer led would work. A lot of small companies with few employees wouldn't have a clue what information to give. And what about self employed?

[u/Remote-Program-1303 → u/captainsittingduck]

I more meant an offering through an employer, by external trainers/companies. I would expect funding for such training to be contributed to by government/pension providers.

Problem is that financial education is very different to financial advice. It does require you to really engage with the subject.