Do You Think You’ll Never Retire?

Read More

a new researchof peer-to-peer lending platform Lending Works, has revealed that nearly 25 % of UK adults do not think they will certainly retire.

Of course, pensions are increasingly being under scrutiny together with government faces a hole that is black. Pension costs are ballooning as we live longer and spend more time on public pensions. A guaranteed triple lock seems questionable.

When asked they can retire, 22% said they feel that retirement is not an option if they think. The rising price of living while the retirement that is ever-increasing are likely two reasons why the outlook is so grim.

The Lending Works report also delves further into the demographics of those who are financially secure and have little hope of retiring.

Women were more pessimistic about the possibilities than men, with 24% not considering it an option compared to 18% of men. These figures almost equally reflect the difference in hours worked part-time (23%) as opposed to workers that are full-time17%).

The issue also showed disparities that are large social classes. His 29% of people with the C2DE grade thought retirement was impossible, while those more comfortable with him dropped to 15% with the ABC1 grade. Put another way, the report explores how household that is total influences pension prospects – 62% of workers earning lower than £30,000 per year are hopeful of retirement. No, but only 21% of workers earning between £30,000 and £45,000 a are considering retirement year. Unlikely. The higher the income, the greater the decline. A salary of £450,000 to £60,000? Second, only 5% of colleagues feel that retirement will happen never. From £60,000 he falls further to 4% on £100,000 patrons.

And it isn’t really the folks retirement that is approaching who seem most concerned. Instead, 25% of those primarily concerned about whether he can afford to retire are aged 35-44. Families and careers are generally in order, and job security and future security that is financial most crucial. The man that is young is least worried about future retirement is 18 to he is 24. 17%, which is by far the number that is lowest, believes this 1 day they’ll not have the ability to retire.

Lending Works also uncovered disparities that are lingering the country, with people in the Northeast (14%) feeling more confident about their retirement than those living in the West Midlands (27%). This was followed closely by the North West (26%) and South East (25%), who were far more likely to believe that people living in London could retire. 19% of the capital’s citizens thought it unlikely.

But what the study shows is that pension and retirement concerns are cross-cutting and relevant for everyone, regardless of age, class or region of the country they live in. Rather than saving a cent that is single future retirement, we have to do more to boost understanding of savings and pension alternatives for everyone.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *