Expats Put Off Pensions by Lack of Confidence

Expat Globe

New research suggests that expats are failing to put money aside for their retirement because of a lack of confidence rather that a lack of income.

The National Employment Savings Trust say that 71% of savers site a lack of confidence as the reason they do not pay into a pension with 47% saying that they do not have enough knowledge to make a decision.

The research also suggests that a mere 1% who would be automatically enrolled in a workplace pension would describe it as an ‘essential spend’.

An amazing 40% of those surveyed said they would rather spend excess money on holidays and 20% on home improvements rather than save for their retirement.

Tim Jones, NEST Chief Executive, said: "Too many people are putting off setting money aside for their later lives because they don't know what to do or don't want to think about retirement. Our findings show we must use this opportunity to build up their confidence.

"Our campaign aims to help consumers put pensions into the context of the lives they live today and kick-start a national conversation about what makes ‘tomorrow worth saving for' in their lives.

"Automatic enrolment is the first step towards a long overdue pension revolution and NEST will play a key role in helping millions more to save for retirement."