Urgent state pension warning as more people know offside rule than retirement age.

Only two in five (40 percent) know that 66 is the age you can access the state pension, while 38 percent thought it was much earlier.

Many Brits know the rules of football better than the rules of retirement, leaving them at risk of poverty in old age.

As millions tune in to the Euros, almost three in five (59 percent) can explain football’s ‘offside rule. And at the same time around half (53 percent) know what VAR stands for and the rules around extra time.

In contrast only two in five (40 percent) know that 66 is the age you can access the state pension whilst 38 percent thought it was much earlier. And just under one in four (23 percent) can accurately identify the value of the full state pension, with some thinking it was £60 a week higher than the true figure.

These figures come from research by Aviva who found widespread ignorance and confusion around retirement plans. It said: “Millions will watch the UEFA Euros 2024 championship; but millions of the same people may be flying blind towards their retirement.”

  • Less than half (46 percent) of UK adults are confident that their retirement plans are on track and this confidence appears to decrease with age.
  • Only one in five (18 percent) 25–34-year-olds say they are ‘very confident’ their retirement plans are on track – this drops dramatically to just 7 percent of those aged 45-54 years old.
  • Just under one in four (23 percent) can correctly identify the value of the full state pension (£221.20 per week). And one in five (19 percent) predicted that they would be between £20 – £60 better off each week (citing £241.20 – £281.20 as the payment).

Aviva said a record number of people saving for their retirement through a private pension – more than 22 million across the UK. This is largely due to the introduction of auto-enrolment into workplace schemes.

Alistair McQueen, head of savings & retirement at Aviva, said: “Football is our national game. Millions love it. And even those who don’t seem to have a pretty good understanding of its rules. Sadly, the same cannot be said about our retirement plans. Most of us are now actively saving for our retirement but thanks only to auto-enrolment.

“Many can hopefully look forward to a lot more cup finals in our retirement. By taking some simple steps today, it can help us take control of our retirement plans and allow us to keep cheering our teams with confidence, for years to come.”

Rory Poulter, Daily Express

How we can help

It’s fair to say that our Financial Advisers each know a thing or two about football ! However their specialist subject is to provide friendly and comprehensive financial advice to both businesses and individuals, listening, understanding and offering solutions that give peace of mind, all to help people to navigate a path to a secure financial future. And that includes ensuring that people have made ample and realistic financial provision for their retirement years rather than relying on the state pension. If you’re yet to address this it’s never too early to start to consider what you hope for financially in the short, mid and long term future and to decide how you’re going to achieve that. It’s at that point we can give you our full professional help and guidance, by understanding more about your circumstances and goals, and recommending options which will best meet your aims. So whilst being familiar with the off side rule and VAR might help you to enjoy and understand the rules of football, dealing with your finances by creating a life long plan and ensuring it keeps on track, will ensure long term success and peace of mind in the game of life ! Want to discuss this with us? We’re just a call away – tel 0808 1234 321 – and we can provide a free no obligation meeting.

Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.