A new survey has revealed that as many as 46% of working adults believe they’ll still be working after they’ve reached state pension age.
The People’s Partnership research found that just 24% of UK workers say they’re confident that they will have enough savings in their pension pot for them to enjoy the lifestyle they hope for in retirement.
Interestingly, 39% of those surveyed said they are less confident about retirement prospects now than they were when the pandemic began in 2020.
Phil Brown, director of policy at People’s Partnership, which provides The People’s Pension to more than six million people 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.
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Email Jaime“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.”
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