Ross Kemp advocates for individuals to increase their retirement savings for substantial financial growth
The UK is witnessing a shift in priorities, with more people focusing on their health and well-being, but there's a gap when it comes to financial planning for later life. This is the key finding of the 'Pay Your Pension Some Attention' campaign, a joint initiative by the Association of British Insurers (ABI) and Pensions UK, backed by several well-known brands in the pensions industry, including Aviva, Fidelity, Legal & General, NatWest Cushon, Nest, Pru, People's Pension, Royal London, Scottish Widows, Standard Life, Vanguard, and pension trainer Bola Sol.
The campaign, which is also supported by actor and presenter Ross Kemp, encourages people to "gain pounds" for the future, referring to pension savings. The initiative was spurred by a recent survey commissioned by OnePoll, which questioned 2,000 people across the UK in August.
The research revealed that UK adults typically check their fitness progress more often than their pension balance. In fact, nearly a fifth (19%) of people prioritize getting fit and healthy over saving for later life. However, over the past 12 months, 37% of people have made a healthy lifestyle change, but only 29% have organized their finances for later life.
These findings highlight the importance of understanding and managing one's pension, a message echoed by Simon Ellis, director of workplace pensions at Aviva. He emphasized that less than half of mid-retirees feel confident their private pension will last a lifetime.
To help bridge this gap, the 'Pay Your Pension Some Attention' campaign provides three tips for managing pension savings: stretching one's memory to recall past employers or pensions, checking one's pension accounts, and calculating future needs.
David Meliveo, chief commercial officer of People's Partnership, emphasizes the importance of savers engaging with their pensions to strengthen them. He encourages people to take action, stating, "Your pension is your future financial security, and it's essential to pay attention to it."
In addition, the campaign is encouraging people to download pension apps to keep track of their savings. The number of pension app downloads has significantly increased, indicating a growing interest in pension management.
Scottish Widows, one of the campaign's supporters, has developed a pension mirror using gamification to encourage people to connect with their pensions. Robert Cochran, a retirement expert at Scottish Widows, suggests that checking pension apps can have a significant impact on long-term finances.
Pensions minister Torsten Bell is also encouraging people to check their pension balance and plan for their retirement. He stated, "It's never too late to start saving for your future. By paying attention to your pension, you can ensure a secure and comfortable retirement."
Ross Kemp, who is known for his roles in EastEnders, hard-hitting documentaries, and hosting quiz show Bridge Of Lies, is urging people to pay attention to their pensions. He is participating in a fitness workout for the campaign and emphasizes the importance of both physical and financial health.
In conclusion, the 'Pay Your Pension Some Attention' campaign is a timely reminder for UK adults to prioritize their financial future and take steps to secure their retirement. By following the campaign's tips and making a conscious effort to engage with their pensions, individuals can work towards a more secure financial future.
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