Nearly half (46%) of non-retired people believe they will still be working past their state pension age, according to a survey. One in 14 (7%) does not think they will ever be able to retire, the research for workplace pension provider People’s Partnership found.
One in seven (13%) 18 to 24-year-olds believe they will still be working when they are 70 and older, according to the YouGov survey of nearly 1,600 people across the UK in May who are not yet retired.
Less than a quarter (24%) of non-retired people questioned said they were confident they would have enough pension savings for them to enjoy the lifestyle they were hoping for in retirement. Nearly two-fifths (39%) said they were less confident about their retirement prospects now than they were before the pandemic.
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Phil Brown, director of policy at People’s Partnership, which provides the People’s Pension, 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.”
He added: “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 8 per cent to 12 per cent of earnings, as soon as we are through the cost-of-living crisis.”