How to gain control of your pension pot

SAVING enough money for retirement can feel like climbing a mountain - but for single people it can be a real uphill struggle, and nearly one in five don’t think they'll ever be able to afford to retire.

- By VICKY SHAW

Scottish Widows has found 19% of single people can’t see a situation where they'll ever be able to stop work. This compares with one in seven people who are married or living with a partner who don’t think they’ll ever have enough money put aside to retire.

Researchers found two-fifths (42%) of people who are married or living with a partner feel optimistic about retirement, compared with just three in 10 single future retirees.

Half of those with a spouse say they've carried out research to prepare for retirement, versus 37% of single people.

The majority (57%) of people who are married or cohabiting have also checked their state pension entitlement, compared with a third of single people.

People who are married or living with a partner are also more likely to have received financial advice, with a quarter saying they have done so, compared with 13% of singletons.

The former also feel more confident about managing their savings in retirement, with seven in 10 of people who have a spouse feeling organised, compared with 51% of people who are single, according to the YouGov survey of over 5,000 people across the UK.

Susan Hope, a retirement expert at Scottish Widows, says: "This all shows there's a close link between financial security and relationship status." She adds: "If you're married or in a relationship there may be more options to share costs and there’s potential to combine savings that a single person may not have."

But pensions may be able to provide help, whether you're single or in a couple.