Pension Crisis – the numbers are grim!
This week numerous media outlets gave plenty of coverage to the pension crisis. Many of the figures quoted were taken from various research papers published in the last week. Although not surprising to us, the numbers will have shocked many.
Here are some of the significant issues identified in those reports.
- Only 2 in 5 people have enough pension provision to fund retirement.
- 44% of people are unsure if they are currently contributing to a pension.
- Since 2008 20% of people have stopped paying into their pension altogether
- Only 4% have started paying into a pension since 2008
It would be hard for any of the pension companies to put a positive spin on these numbers, and throwing more money at it is not going to solve the pension crisis.
It is incredible that 20% of those surveyed said they had stopped contributing to a pension since 2008. They are disillusioned with diminishing returns and high management fees. It’s understandable that so many people are giving up on the traditional pensions, but taking the ‘ignorance is bliss’ approach will only result in catastrophic consequences. Doing nothing at all is the worst thing you can do, the pension crisis is here to stay and will only get worse.
We believe property investment gives you the best chance of beating the pension crisis. You can call us on 0207 148 3164; book a meeting, or sign up to the emails (below). Sitting back and hoping something will work out for the best will only land you in trouble. Take action now!