5.7m don’t believe they’ll ever be financially independent

New research from Scottish Widows has revealed that a quarter (5.7 million) of working-age adults don’t believe they’ll ever be financially independent. This lack of financial independence is especially prevalent among younger people, renters, and individuals with disabilities. And for many, key markers of independence like being debt free or having emergency savings, feel unattainable.

The research reveals that a significant portion of the population is facing serious financial challenges, with a third (35%) unable to save for retirement.

Over a third (37%) wouldn’t be able to cover an unexpected emergency with another third (33%) have no disposable income at the end of the month.

Meanwhile over a tenth (15%) haven’t started saving for retirement and don’t plan to.

Pete Glancy, Head of Pensions Policy at Scottish Widows said “As Financial Awareness Day approaches, our research serves as a powerful reminder to consider our own financial health and take steps toward building a more secure future. Feeling financially independent is the first step on the road to feeling financially empowered, which is essential when building your retirement income during your working life. 

“Savers face a myriad of competing financial challenges – from managing their daily household budget to unplanned emergencies. With 15.3 million people currently at-risk of poverty in retirement, there is a clear need to help people understand how much they will need to cover their living costs in retirement, how much their projected pension is, and how to take action if needed.”