New research suggests that 77 per cent of people do not have a clear idea of how much money they will need for their retirement.

Morningstar.co.uk, as part of Financial Planning Week, has conducted a series of polls regarding retirement, which suggest that 74 per cent respondents believe that their current savings plans are not in tune with their financial goals.

Holly Cook, online editor for Morningstar.co.uk, is concerned by these findings, she said: “It’s notable that such a high proportion of respondents do not know how much income they will need when they retire.

“And with over two-thirds also revealing a gap between savings plans and savings goals, we appear to have something of a hands-over-the-eyes approach when it comes to managing our pre-retirement finances.”

Meanwhile, 54 per cent of people said they have not reviewed their finances and goals recently, while 59 per cent admitted that there finances are due a “spring clean” but they lack the motivation or know-how to do it.

Ms Cook hopes this research will spur people to act, “These statistics illustrate why Morningstar is supporting Financial Planning Week: we can all benefit from a financial spring clean, and it will be a good outcome if this week’s activities nudge a few more of us into preparing well for our golden years,” she added.

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