The bank’s latest research, as so many have before, found that over half the UK population does not pay into a pension and that 70 per cent of people overestimate the value of the state pension. On average, people think it is double the actual amount of £4,700, it found.
Halifax also found 85 per cent of people overestimate their achievable desired retirement income.
Halifax Financial Services managing director Karen Crowshaw says: “By making a few small changes today and seeking the appropriate advice, you could make some significant financial gains in the future. In light of the recent financial climate, it has never been more important to seek out the best product deals available.”
The bank also urged people to seek financial advice in the new year. Its research shows 51 per cent of people believe seeing a financial adviser would benefit their financial situation but, despite this, 53 per cent of people are forgoing independent financial advice, opting instead to base their decisions on the views of family and friends.