What's causing their concerns?
Only around a quarter, or 26%, of people in the UK feel hopeful ahead of the upcoming Budget announcement, with 70% expressing worry or anxiety about potential changes, a recent survey by Skipton Building Society has revealed.
The study also showed that women are more concerned than men, with 77% of women feeling anxious, compared to 62% of men.
Speculation about the Budget’s impact on personal finances and retirement has heightened concerns, with nearly half, or 49%, of respondents expecting a negative effect on their finances. Only 17% are optimistic about positive outcomes.
One of the biggest financial concerns among those surveyed is a potential rise in the state pension age, with 36% expressing worry. This concern is more pronounced among women (43%) compared to men (29%). Additionally, 30% of respondents fear the state pension could become means-tested, while 28% are worried about the possible removal of the triple lock on pensions.
“With costs rising and savings getting stretched, those with one eye on their retirement are concerned as Budget speculation around pensions and retirement continues to grow,” said Helen McGinty (pictured), head of financial advice distribution at Skipton Building Society.
McGinty also highlighted the gender pension gap, citing Skipton’s research showing that men have, on average, 46% more in their pension pots than women. The average man has £63,222 saved for retirement, while women have £43,117. The gap is partly attributed to women taking more time out of the workforce, which slows their pension growth.
Despite these concerns, men are more likely to have taken action ahead of the Budget. While 53% of women have not made any financial preparations, only 32% of men say the same. Among men who have taken steps, 15% have increased their savings, 13% have boosted their pension contributions, and 12% have sought professional financial advice.
McGinty emphasised the importance of financial planning, particularly for women facing pension shortfalls.
“While speculation ahead of the Budget, is just that – speculation – it is bringing to the fore steps we can all take to monitor and manage our finances,” she said. “It’s really important at any age to take the initiative, be in control, and plan ahead.
“Even just extra five pounds a month, for example, could take you a long way. After a life spent working hard, contributing to the system and raising children, everyone deserves the right to a comfortable retirement.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
