New data shows Teesside residents “took charge of their financial future” in 2023

On Day 9 of Bdaily’s 12 Days of Christmas, we look at new data from Joslin Rhodes, an award-winning pensions and retirement planning firm in Stockton-on-Tees, which has shown local Teesside residents are taking charge of their retirement plans after a tough economic year.

Joslin Rhodes saw a huge 60 per cent year-on-year uplift in online enquiries across all its Lifestyle Financial Planning Services and Retirement Services with more people realising they can afford to retire much earlier than previously thought.

Younger generations are prioritising retirement and pensions needs more than ever before

The data also highlighted that now more than ever, there is a surprising shift in younger generations prioritising their retirement and pension needs, with the average age of people enquiring about Joslin Rhodes’ services decreasing to 57 years of age, down from 60 in 2022.

The youngest enquiry for retirement planning this year was from someone just 37 years of age.

Commenting on this shift in client behaviours, Scott Day, Chief Operating Officer at Joslin Rhodes said: “Since the pandemic, we are seeing people reconsidering their careers and starting to think about their retirement plans, particularly those who have been working from home or who were made redundant during Covid.”

“After another tough year on finances with the cost-of-living crisis, it is refreshing to see a shift in much younger people taking action and reaching out to us to start their retirement plans early. We believe that you can never be too young, or old, to plan for the future.”

Women are focused on the future

The data showed that of those enquiries that engaged directly with Joslin Rhodes, 52 per cent were women, highlighting they are taking the lead in prioritising their pensions and retirement plans. This is up from 48 per cent in 2021.

The UK government previously reported that the introduction of automatic enrolment into workplace pensions has transformed the UK pensions landscape and brought millions of women into pension saving for the very first time.

Scott continued: “Historically, women have taken the biggest hit to their pensions and finances in terms of planning for the future due to taking maternity leave or going part-time to care for children, especially private pension funds.”

“It is encouraging to see women are becoming increasingly confident when it comes to investing for the future, taking charge of their finances sooner rather than later.”

Making pension and retirement planning a priority in 2024

Following a difficult year for the economy and with rising living costs and tightening household budgets, Joslin Rhodes says it is more important than ever for Teessiders to be proactive and to take control of their future.

Scott said: “As we head into 2024, January is often the time when we know Teessiders are seriously considering putting the dark mornings and daily commute behind them. One question we always ask our clients though is ‘are you retiring to something or from something’?”

“As you would expect, some clients have worked for a company for several years and are tired of doing the same thing, day in and day out. Alternatively, others may be thinking more positively and seeing retirement as an opportunity to do the things that are not possible right now. Retirement is an individual journey.

“Despite the challenging times we face in the economy right now, at Joslin Rhodes, we believe that if people start planning, taking stock of what they have now and, more importantly, what they want to have in the future, it’s possible they can retire to their best life much sooner than they think.”

What Joslin Rhodes expects for the year ahead

Looking ahead to 2024, Joslin Rhodes expects to see an increased focus on estate planning. More than ever the firm is finding people wanting to protect what they have; most notably due to rising house prices and inheritance tax implications as well as rising care fees and the need to safeguard their homes.

The firm is also anticipating a growing demand for advice around equity release. With the continued pressure on household finances and borrowing rates for equity release decreasing, more people across Teesside are likely to seek new ways to fund retirement or help ease the cost of living.

By Matthew Neville – Senior Correspondent, Bdaily

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