Nearly half of UK workers (46%) expect to work beyond the legal retirement age, as uncertainty over the state pension and the cost of living weighs heavily, new research from Kearney shows.
The data found that Brits are the least confident in Europe about being financially prepared for later life. Almost two-thirds (62%) worry they won’t be able to maintain their current standard of living when they stop working.
Alternative investments on the rise
UK adults continue to favour familiar savings products, with 80% putting money in savings accounts and half (49%) keeping funds in current accounts. Yet, Kearney found that an increasing number are looking for alternatives. Over a quarter (26%) are investing in gold or silver, while 42% of investors surveyed now own cryptocurrencies.
Confidence in investing is rising in the UK, too. More than half (58%) of Brits say they feel knowledgeable about investment products, suggesting people are increasingly comfortable taking control of their own portfolios even as retirement worries linger.
Large advice gap leaves Brits at risk
Despite this confidence, the research also uncovers a persistent gap in financial advice. One in four (24%) Brits receive no professional advice on saving or retirement planning. Older adults are more likely to rely on tax or financial advisers for retirement planning, with 22% turning to their primary bank for guidance. In contrast, younger people are far more likely to go to their main bank, with 55% of under-45s seeking retirement advice there or not seeking advice at all.
There is strong appetite for professional guidance, but access is uneven. Around 32% of UK adults already pay for advice, and a further 43% say they would be willing to in future – well above the European averages of 18% and 32%, respectively.
Sameer Pethe, partner at Kearney, said: “It’s promising that Britons are saving and investing more actively than ever, and many feel confident managing their own money. But this research shows that confidence doesn’t always equal security – nearly two-thirds of UK adults worry they won’t maintain their lifestyle in retirement. That anxiety is real, and seeking guidance from a bank or financial adviser can make a huge difference. Banks and wealth providers need to step up, simplifying advice and tailoring support, so people not only invest wisely today but can feel truly secure about their financial future.”