Budget 2014: consumers feel positive about the changes, but would like access to advice
Research from Aviva has found that nearly two-thirds of those who are yet-to-retire say they think it is a good idea to give people more choice and flexibility in how they take their retirement income.
The research suggested that awareness about the retirement income changes announced in this year's Budget is high, with 80% of people saying they have some level of knowledge of them. In the 2014 Budget, the government announced it planned to give people more freedom in how they take their retirement savings. Click here to read more about the Budget on our website.
Just over a half (52%) of those asked in the Aviva research think people can be trusted to spend their retirement savings wisely. And there is strong support for having control over their finances (63%), which will allow them greater freedom to do what they want with their money (67%).
Confidence in decision-making
While more than a quarter (28%) of people say they have enough knowledge to be able to make the right decisions about their retirement, 41% say that although they have some knowledge they would benefit from further help, and 30% admit they are lacking in their understanding. Women are more likely than men to say they have a lack of knowledge (39% vs. 23%).
Our mission is to make pensions accessible to everyone, so if there is anything you do not understand, please contact us and we will be pleased to help. To discuss any pension-related issue: