| One in five UK adults have been scammed in the past year, causing debt and financial strain. | 38% of Brits in their 30s and early 40s are relying on their parents’ assets for financial security. | There are an estimated 2.8 million missing pension pots in the UK, fuelling demand for the Pension Tracing Service. |
One in five targeted by financial scams
Research by Citizens Advice reveals that around one in five1 (18%) people in the UK have fallen victim to financial scams, such as fake pensions or investment opportunities, over the past year, affecting an estimated nine million individuals. Among those scammed, 43% had to borrow or increase their debt, 24% turned to family or friends for help and 20% took on extra work. Citizens Advice’s Scams Awareness campaign aims to protect people by highlighting common scams, including fake debt advice, pension fraud, and QR code scams in car parks.
Reliance on parents’ pensions
Over a third (38%) of Brits in their 30s and early 40s plan to rely on their parents’ assets to secure their own financial future2. Over half expect an inheritance to be their main source of retirement income, with 19% banking on a boost to their finances when their parents pass away. Worryingly, 30% don’t think they will ever have enough to retire, leading some to anticipate working past retirement age. This reliance on parental financial support continues into adulthood for many.
Hunt for lost pensions keeps growing
Lost pensions are again in the spotlight, with new research3 revealing there are an estimated 2.8 million missing pension pots in the UK. As more people hunt for their lost pension money, demand for the Pension Tracing Service (PTS) continues to grow. In total, the PTS has received more than 276,000 calls since January 2019 – and 2024 looks set to be another record breaker, with 31,505 calls from January to May 2024.
1Citizens Advice, 2Moneyfarm, 3Pensions Policy Institute, 2024
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.
