People are largely clueless about what they will need to save for a decent retirement. “The higher confidence about retirement among millennials may be related to retirement being a distant prospect,” the report says. Debt, including large mortgages, was causing one in three people to be “very worried” or “worried” about debt. Catalogue of financial failingsLack of retirement preparationAbout two-thirds of respondents did not think much, or at all, about how much money they would need in retirement. Emergency savingsJust over half of respondents said they were able to save money monthly or weekly.

Source: Stuff August 24, 2020 16:52 UTC