Sukemasa Trust Research Division: New Research Highlights Savers' Confusion About Pensions
by Donald Hood
Published Tue, Mar 12th 2019, 18:23 | Business
1888PressRelease - With people struggling to navigate the system, it is perhaps unsurprising that 21% of those surveyed do not have any form of savings.
Sukemasa Trust, an independent global markets and financial advisory firm founded on the core values of integrity, trust and global expertise, is pleased to announce that a new research released today reveals the extent of confusion about the pensions and savings system in Japan and how unimportant tax relief is to an individual’s decision making.
The research shows that the majority of workers aged 18-64 find it difficult to understand where it is best to save for retirement, how much they should save, when and how they can access their money and what income they will need in retirement.
• Just under two thirds (64%) of respondents find it difficult to understand where it is best to save their money for retirement.
• 59% say it is difficult to know how much to save regularly in order to get the income in retirement that they need.
• Meanwhile 58% of respondents find it difficult to understand when and how you can access the money you pay into a pension scheme.
• 24% say they do not know what income they will need in retirement.
The survey also reveals that one of the key measures which could emerge from the Government’s consultation on the pensions industry will not affect savings behavior.
Mitsuo Miyazaki, Head of Sukemasa Trust Retirement Plan Services: “As a nation we are bewildered by the pensions system with people not knowing how much to save or even where to save it. The government’s current consultation recognizes the problem but it is unclear that tax relief changes are the key to encouraging more saving. What is clear is the importance of the employers’ role: if companies contribute to an individual’s pension it incentivizes that person to save more.”
About Sukemasa Trust
Sukemasa Trust is an independent global markets and financial advisory firm founded on the core values of integrity, trust and global expertise. The firm provides innovative financing and structuring solutions across the balance sheet with vast experience in the asset management, equity and alternatives markets. Sukemasa Trust is an independent and relationship-driven business serving individual investors, institutional investors, corporations and financial institutions and is transparent at every level. Our knowledgeable global team can provide unbiased advice and superior service that puts your needs first, not ours.