A new survey finds 47% of workers, including 13% of under 25s, think they won’t be able to retire at state pension age.
Nearly half of workers believe that they will still be working after they reach state pension age, according to new research from workplace pension provider, People’s Partnership.
The YouGov survey, of more than 2,000 working adults, also shows that. in addition to the 47% who think they will need to work past the official pension age, seven per cent don’t think they will ever be able to retire. Thirteen per cent of under 25 year olds think they will still be working at 70+.
Less than a quarter (24 per cent) of non-retired respondents said they were confident that they would have enough pension savings for them to enjoy the lifestyle they were hoping for in retirement. This finding follows separate research by People’s Partnership that shows, despite the huge success of Automatic Enrolment, the majority of workers are still not saving enough to maintain their current standard of living in retirement.
The survey also showed 20 per cent said they did not have any savings or pensions in place and would rely on the State Pension in retirement and 39 per cent said that they were less confident about their retirement prospects than they were when the Covid-19 pandemic began in 2020.
Phil Brown, director of policy at People’s Partnership, said: “It’s clear that the cost-of-living crisis, and the uncertainty this is causing means that many people are rightly concerned about their retirement prospects.
“The financial resilience of many people in this country must be improved and one way of doing this is to build upon the huge success of automatic enrolment and widen it to even more people. We know that millions are still not saving enough to maintain their current standard of living in retirement, which is why we agree with calls to increase the minimum auto-enrolment contribution rate from eight per cent to 12 per cent of earnings, as soon as we are through the cost-of-living crisis.”