The financial crisis has changed savings and financial patterns across age and incomes groups. People all over the UK are facing a myriad of financial challenges and becoming increasingly concerned about the state of their finances both now and in the future.
Cebr was commissioned by leading UK wealth manager, Brewin Dolphin, to undertake a significant piece of research examining the important trends in wealth, income, saving and lifestyles across income and age groups based on a wide range of official datasets and a detailed survey of 11,000 people.
The report examines the financial challenges affecting people in the UK, particularly around the issues of saving for later life and, in consultation with financial planning experts at Brewin Dolphin, considers the behavioural changes that could be made to ensure that more individuals achieve their desired lifestyles upon retirement. Numerous findings in the report are concerning, and suggest a detachment between expectations and reality that spans across generations, regions and income groups.
This report, the first part of the research, examines the size of the savings shortfall that exists in the UK and considers the ways in which the current generation of over 55s can use their wealth in a more active and efficient way to improve the future life chances of their loved ones.