High net worth individuals (HNWIs) in the UK significantly underestimate how much money they need for the retirement they want, with the average respondent misjudging by around half.

Nine out of 10 of the UK’s high net worth individuals (HNWIs) have postponed major decisions such as retiring because of the cost-of-living crisis, according to data compiled by the Saltus Wealth Index Report.

Life, pensions and investment company Royal London has changed its underwriting limits for HNWI, increasing limits in many cases.

A year on since the increase in the pensions’ annual allowance, the majority of HNW individuals (HNWIs) (56%) are failing to utilise the extra £20,000 allowance available to them, data compiled by the Saltus Wealth Index Report has revealed.