Many island folk believe their standard of living will drop when they retire and that their current plans will fail to give them the material comfort they would be happy with.

But they would like to retire at a younger age than they think they will be able to.

And, according to a wide-ranging new survey, people in the island show a greater level of trust in qualified financial advisers as people to discuss pension planning with than in the UK.

A majority of working age residents, some 74 per cent, do not think their current savings plans will provide them with sufficient funds to be able to retire at the age they want to.

Reasons for delaying retirement plans include:

lPersonal financial commitments, 63 per cent;

lCost of supporting children 47 per cent, and

lContributing to the care costs of elderly parents, 48 per cent.

The Isle of Man Financial Services Authority has published the results of its Pension Matters survey which was conducted in July and August this year.

The report gives a snapshot insight into working age views on pensions planning.

The FSA says the survey had an ’excellent’ response of 801 island residents, all under 65 years of age who were not retired.

The survey has been released this week in time for World Investor Week (WIW).

Respondents were spread across age groups and different sectors of the economy and the results have been weighted to correspond to the island’s demographic.

The report indicates that Manx residents are engaging in thinking about their futures and how they will plan for it.

Some 72 per cent of respondents are members of a private pension scheme. The figures were lower for women and those under 35.

The survey asked similar questions to a UK survey undertaken by the Chartered Institute for Securities and Investments in 2017 and this means that the results can be compared to the UK study.

Comparing the Isle of Man and UK results gives some interesting insights into differences in perception, knowledge and attitudes.

For example: Knowledge of Pensions. Some 66 per cent of people surveyed in the island know what a pension is and how it works, compared with 57 per cent in the UK.

The Isle of Man survey shows a greater level of trust in qualified financial advisers as people to discuss pension planning with than the UK, 74 per cent in the island and just 56 per cent in the UK.

For 35 to 44 year olds this level of trust is even more pronounced: 82 per cent in the island compared to just 48 per cent in the UK.

On the question of standard of living in retirement some 65 per cent of island people believe their standard of living will be lower. This compares with 45 per cent in the UK.

Just 27 per cent of Isle of Man people think their standard of living will be the same (38 per cent in the UK).

And just eight per cent of island working folk reckon their standard of living will rise - the same figure as in the UK.

The 60-page report indicates that Manx residents are engaging in thinking about their futures and how they will plan for it.

Some 72 per cent of respondents are members of a private pension scheme. The figures were lower for women and those under 35.

Forty seven per cent of people were interested in investing their pensions in community projects.

A total of 52 per cent were interested in investing their pension in environmental projects while 12 per cent were still interested after finding out that return on environmental project investment could be lower.

When asked: ’How do you expect to fund your retirement? 67 per cent selected via the state pension and 52 per cent selected via an occupational pension.

Bank savings, personal pension and property were each selected by around a third of respondents as methods of funding their retirement.

Nine per cent of women don’t know how they expect to fund their retirementcompared to four per cent of men.

Some 47 per cent of respondents said they would like to retire at a younger age than they think they will be able to. Isle of Man World Investor Week was launched with a Family Finance Day at Ballakermeen High School Sixth Form Centre on Saturday.

Karen Badgerow, chief executive of the Financial Services Authority, said the week gives an important opportunity to focus attention on consumers’ investment needs.

lAnother World Investor Week event takes place on Friday [October 5] at the Eagle Lab, Victoria Street, Douglas between midday and 1pm.

Colin Tansley, managing director of Intelect Solutions, will give a talk on how to minimise cyber risks to individuals and businesses.

The event will be hosted by Barclays and supported by the London Institute of Banking and Finance.