1 in 10 Brits say they will never be able to afford retirement

As many as one in ten Britons feel they will never be able to retire as they lack the necessary funds to give up work for good.

Once again highlighting the growing pensions problem, this latest research has found that around three million UK adults now plan on working for as long as they can, with many resigned to working well into their 70s or perhaps even beyond.

Far from wanting to stay active or wanting to enjoy the social and health benefits of staying in the workplace, the vast majority feel they will need to work as their pension pots will not be big enough to support them for long.

Brits urged to get their finances in order

On the back of this, Baring Asset Management, which carried out this latest study, has urged Brits to be more proactive in planning for retirement.

"Everyone must plan ahead and think how they will fund their retirement," explained investment management expert Rod Aldridge, who helped out with the study.

Despite the fact they are facing working long into their golden years, a worryingly high number of Brits continue to put off saving for retirement.

In fact, according to the same study, around one in three adults in the UK currently have no pension plan in place.

And, far from being restricted to just workers in their 20s and 30s, research has found that large numbers of people in their 40s and even 50s have no pension set up, meaning millions could struggle financially for years, if not decades.

Meanwhile, the findings of a separate study by Prudential suggests that many people overestimate quite how much money will be in their pension pots in a few years' time.

While many Brits are destined to work up to or beyond the statutory retirement age, many Brits in their 30s or 40s currently expect to quit work for good by the age of 62.
 
 

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