Compulsory saving the pensions solution
Compulsory savings enforced by the government are the public’s first choice for solving the pensions crisis, new research has found.
HSBC’s ‘Future of Retirement: What the world wants’ studied 20,000 individuals and 6000 employers across the globe, and found that 36% of people in the UK support compulsory saving for retirement.
The report also revealed that many people think they’ll get less government support in retirement than they should and that 55% of people in the UK believe it is the individual’s responsibility to fund their own retirement
Other findings of the survey showed that 72% of people want to scrap mandatory retirement, to allow them to work longer.
And despite talk of age discrimination in the workplace, the study found that 49% of employers do value older workers. However many employers admitted they lacked the practices to attract and retain them.