Half of Brits believe they’ll work in retirement
Nearly half of working UK adults (46%) believe they will still be toiling after they reach state pension age.
For 13% of 18-24-year-olds, they think they will still be working when they are 70 or older.
Meanwhile, 7% said they don’t think they will ever be able to retire, according to research from workplace pension provider, People’s Partnership.
Less than a quarter of the 2,000 Brits polled said they were confident that they would have enough pension savings for them to enjoy the lifestyle they were hoping for in retirement.
And for four in 10, they were less confident about their retirement prospects than they were when the Covid-19 pandemic began in 2020.
For one in five people, they did not have any savings or pensions in place despite the success of auto-enrolment, meaning they would be reliant on the state pension in their golden years.
Phil Brown, director of policy at People’s Partnership, which provides The People’s Pension to more than six million individuals across the UK, 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.”