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Fear, Fun, and Forgetting The Future - Britain's Sensible Savers Leave Older Age to Chance

LONDON, November 20, 2012 /PRNewswire/ --

  • 31% of 25-34 year olds want to retire on an annual income of more than £30,000 a year *
  • They save 18% of monthly disposable income for near-term needs *
  • But great expectations for retirement fall short as a mere 12% currently save for older age *

Britain's bright young things save more of their monthly disposable income than any other age group, but fears about the future, spending for fun and the financial pressures of everyday living are contradictory to their expectations for a comfortable retirement.

According to research commissioned by BlackRock, the fund manager, 31% of 25-34 year olds expect to retire on an annual income of more than £30,000 a year, higher than the national average salary of £26,100**. However, the BlackRock Investor Horizons survey*, undertaken in conjunction with YouGov, found that despite saving nearly one fifth (18%) of their monthly disposable income , higher than any other age group in this survey, only 12% of 25-34 year olds are currently saving for retirement and only 4% of their money is being invested.

The 25-34 age group believes the UK job market and job security pose the greatest risk to their financial wellbeing and confidence, with half (48%) of those surveyed putting money aside for rainy day emergencies. Other near term financial priorities revealed by the survey include 32% are saving to buy a property, 27% are saving for a holiday, and one in ten for a new car.

Tony Stenning, Head of UK Retail at BlackRock, said: "Britons are facing a savings challenge. We're living longer and saving hard from an early age, but near term needs and uncertainty about the future mean that 79% of these thrifty 30's are saving in cash and forgetting long term financial security. Cash is a safety blanket but with record low interest rates, Britons could do more to protect their savings against the negative impact of inflation, and consider investing for a better return while understanding any potential risk of moving into other asset classes."

The survey also revealed that retirement planning is on the radar for those in the 25-34 age group, with 56% of them planning or saving for older age although, as noted above, only 12% are currently saving for retirement. However, a huge proportion (82%) of this group is interested in increasing their financial knowledge.

For a retirement income of £30,000 a year, people aged 25 today and retiring at 65 would need to put aside £4,950 a year to accumulate a pot of £599,967, assuming an annualized return of 5%. If they wait until 35 to start investing, they will have to save £9,000 - or twice as much - each year to reach the same goal at the same rate of return.***

Tony Stenning added: "The stark reality is that putting something aside for old age has become a necessity. But our established savings culture should enable people to plan ahead. By starting early and saving regularly Brits will help themselves build a bigger retirement pot more in line with their expectations for a reasonable income and lifestyle in later life."

BlackRock recognises in the current economic climate it is a struggle for Britons to save more, but urges savers to think about making the most of their money by:

  • Having a goal for financing retirement income
  • Seeking independent financial advice to help plan and achieve long term investment needs
  • Diversifying savings and investments - "don't put all your eggs in one basket"
  • Investing using tax efficient products such as an ISA or pension
  • Investing a regular monthly amount for the long term alongside rainy day and other savings
  • Increasing savings in line with pay rises
  • Being aware of the effect of inflation which can diminish in real terms the money held in low interest savings accounts

All financial investments involve an element of risk. The value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Moving out of cash and 'safe haven bonds' will involve accepting a higher risk of capital loss.

Notes to editors:

* BlackRock Investor Horizon Survey - UK in conjunction with YouGov

The objectives of the survey were to:

  • Understand people's concerns, needs and financial priorities
  • Take their pulse, looking at their attitudes towards savings, investments, income and retirement
  • Assess people's level of financial knowledge as well as the sources of financial advice they use and their willingness to pay for advice

The scope of survey was a:

  • Nationally representative sample of 25 to 75 year olds
  • Minimum household income of £20,000 (or €20,000)
  • Fieldwork conducted online from 13th September to 3rd October
  • 11,009 individuals aged between 25 and 75 across 6 countries in Europe
  • Included 2,031 individuals in the UK

** The ONS 2011 Annual Survey of Hours and Earnings

*** BlackRock calculation; assumes an annuity rate is 5.017% and the accumulation rate of rate of return of 5%, with annual contributions made every year for 40 years.

About YouGov

YouGov is an international, full service online market research agency offering custom research, omnibus, field and tab services, qualitative research and market intelligence reports. Further information is available at

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide.  At September 30, 2012, BlackRock's AUM was $3.673 trillion.  BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®.  Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa.  For additional information, please visit the Company's website at

Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Services Authority.  Registered office: 12 Throgmorton Avenue, London, EC2N 2DL.  Tel: 020 7743 3000.  Registered in England No. 2020394.  For your protection telephone calls are usually recorded.  BlackRock is a trading name of BlackRock Investment Management (UK) Limited.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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