Help! I’ve No Retirement Savings what can I do? New research & eBook MoneyMagpie & Money Expert Jasmine Birtles

57 % of men and women in Britain hope to invest in ISAs* and pensions for their retirement with men just slightly higher than women. That’s according to a new survey** of 5,658 people across Britain, by leading money site MoneyMagpie.com and online pension provider PensionBee.

What’s more, young people (Gen Zers)*** aged 18-24 come out top in this survey with 30 % more likely to consider investing in property and ISAs to fund their retirement, signalling loud and clear that the number of younger Brits investing is on the rise.

The new research also reveals that:-

Young people are much less likely to be relying on the State Pension (13 %) compared to savers aged 55+ who are much more likely (52 %) to rely on it
Those in Greater London (21 %) are most likely to think about investing in ISAs with those in Scotland least likely (8 %)
Over half (52 %) are relying on pensions and/or investments to fund their retirement
12 % are investing in property to fund their retirement
12 % are investing in ISAs
12 % are relying on an inheritance and/or lottery winnings

The research comes as popular consumer site MoneyMagpie and leading online pension provider, PensionBee, launch their new Retirement Savings guide “Help! I have no retirement savings, what can I do?” free to download at MoneyMagpie.com https://www.moneymagpie.com/ebook/pensions-guide-2021 It’s packed with simple, clear ideas to help you get saving for your retirement, whether you’re in your 20’s, 30’s, 40’s or 50’s or you’re 60+ with retirement just around the corner.

Jasmine Birtles, money expert and founder of MoneyMagpie.com says: “I’m really pleased to see in the survey results that Brits – both men and women – are planning for their retirement and investing for their pensions. But, I’d much rather see women investing as much as men. I know that when women have the knowledge they actually do better than men when they invest so I urge women to go for it!

“It’s great to see that so many Gen Zers and younger Millennials**** are investment savvy, already building funds for their future retirement. I’d like to encourage everyone of all ages to make it a 2022 New Year’s Resolution to start saving (if they haven’t already) for their future retirement – as little as a tenner a month can really make a difference. I’m doing more and more about the benefits of investing for retirement and investing generally with my articles on MoneyMagpie.com and through my webinars (moneymagpie.com/webinars) as I’m on a mission to get more people of all ages investing for their futures.”

Jasmine’s top saving tips for retirement are: –

● Start investing now…whatever age you are. The best time to invest is as early as possible but if you’re in your 50’s and just starting now, then that’s good enough. Don’t be put off just because you wish you’d started in your twenties

● If you’re employed, make sure you’re enrolled in your workplace pension so that you get your free employer contributions as well as the tax benefit from the government

● If you’re under 40, look into LISAs (Lifetime ISAs) as you get a guaranteed £250 from the government for every £1,000 you put in

● Even if you can only spare a tenner a month, put that into a pension or other long-term investment – whether you’re employed, self-employed or unemployed – because over time that money will grow and you can add more later

● Check too if you’re entitled to any free government benefits. Use the calculator at Turn2Us.org.uk or at Entitledto.co.uk to see if there is extra money you could claim