1 in 5 people prioritise physical fitness over financial strength – 3 simple steps to correct an imbalance

In an unexpected twist, TV star Ross Kemp (best known as Eastenders’ bad boy Grant Mitchell) is urging Brits to pay more attention to their pension.

As Kemp says, “A lot of us care about getting fit for the future… But your pension is part of that too. With an easy three-step training plan, you could strengthen your pension and gain some serious pounds.”

A series of startling statistics prove that many of us prioritise physical fitness over financial fitness.

19% of UK adults prioritise physical fitness over saving for later life

A report published by The ABI reveals that 19% of UK adults prioritise getting fit over saving for later life.

Over the past 12 months, 37% of Brits have made a healthy lifestyle change, such as improving their diet, and around 33% have set a new health or fitness goal.

However, only 29% of us have organised our finances for later life.

In fact, the report suggests that Brits are more than twice as likely to track daily steps and sleep patterns as they are to monitor their retirement savings. On average, we check our fitness progress more often than the balance of our pension savings.

The ABI and Pensions UK have teamed up to encourage Brits to “Pay their Pension Some Attention”

Fronted by Ross Kemp, the Pension Attention campaign is a focused rallying cry coordinated by the ABI and Pensions UK and funded by some of the UK’s most recognised pension brands, including Aviva, Fidelity, Scottish Widows, L&G, and Standard Life.

The campaign is urging the nation to act now and engage with their retirement plans.

Helpfully, the campaign sets out three simple ways to help your future self.

3 simple steps you can take today to help your future self

1. Stretch your mind back to any past employers or pensions

There’s approximately £31.1 billion sitting in lost pension money. So, the first step to improving your financial future is to check if some of that missing money could be yours.

Whether you’re confident you have a grip on all your pension savings or have lingering doubts that you may have lost track of savings during your career, it’s relatively easy to check.

To trace any pension pots you may have forgotten about, look back at old jobs, letters, and emails to check you know where all your pension savings are and that your contact details are up to date.

The government website has a tool to help you find pension contact details.

2. Check your form by logging into your pension accounts to see how much you’ve got

You may not remember the last time you checked your pension balance, so remedy that situation today.

Your pension provider will send an annual statement detailing how much you have in your pot and what income you might expect when you reach retirement.

If you have multiple pension pots, this simple pension calculator can help you gain a clearer idea of the total income several pensions might provide.

Read more: Multiple pensions? 5 key reasons you might benefit from consolidating them into one

While your attention is on your pensions, another important admin task is to check that your contact details are up to date. Finally, make sure you’ve completed an expression of wishes form and that the information continues to reflect your wishes, so your provider knows who your pension savings should go to if you die.

3. Work out how much you might need for your future

It’s never too soon to start planning for retirement. Even if it still seems a long way off, with a few simple steps today, you can look forward to your future with confidence.

See how saving more into your pension could boost your balance. You might find that your employer is willing to increase their contributions or offer a pay rise.

For example, Phoenix Wealth calculates that increasing your regular pension contribution by £50 a month could increase your pension by £30,335. At retirement, assuming you took 25% as a tax-free lump sum, if you converted this to a guaranteed income for life, you’d receive £7,698 a year – an increase of more than £1,400 for the rest of your life.

We’re here to help you get your finances in shape for a healthy future

Planning for retirement is very similar to getting physically fit: you often see the best results by starting early and sticking with it.

If you’d like help to check your financial fitness and advice on healthy steps you could take to prepare your finances for retirement, please get in touch.

Email info@logicfinancialservices.co.uk, call 01491 612 754, or drop into the office.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Workplace pensions are regulated by The Pensions Regulator.