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Tuesday, 11 March 2014 10:11
Fifth of UK workers expect to work beyond 70
Researchers have found that just under a fifth of UK workers expect they will have to work until they are 70 or older.
Some 19% said they had this expectation compared to 12% of those surveyed in Europe.
The report by Nielsen also showed overall, 44% expect to retire after 65 – nearly twice as many as the global average - 25%.
Only a quarter of those surveyed said a state pension will be the primary source of retirement income - which was half the European figure.
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Personal savings (35%) and company pension (29%) will be the main income sources and only half think they will be better off than their parents in retirement.
The Nielsen Global Survey about ageing polled over 30,000 internet respondents in 60 countries.
Over half (54%) of British consumers reported having enough money to live comfortably as one of their biggest concerns or fears about growing old.
Nielsen senior vice-president for financial services in Europe Eleni Nicholas said: "Britons have a bleaker retirement outlook than people globally; they're almost twice as likely to expect to be working after 65, and a third less likely to believe they'll be financially better off than their parents.
"Britons are half as likely as Europeans to rely on the state for their main source of income during retirement. This highlights a strong opportunity for financial service providers to offer products that help people in the UK build their retirement funds early on."
Nigel Barlow, director of product development at Partnership, said: "Nielsen's research clearly highlights that UK employees are waking up to the reality of the 'new retirement' where they will be less able to rely on the state, need to be more self-sufficient and may need to work substantially longer."
However, he believes more than a fifth of UK workers will have to work beyond 70.
Some 19% said they had this expectation compared to 12% of those surveyed in Europe.
The report by Nielsen also showed overall, 44% expect to retire after 65 – nearly twice as many as the global average - 25%.
Only a quarter of those surveyed said a state pension will be the primary source of retirement income - which was half the European figure.
{desktop}{/desktop}{mobile}{/mobile}
Personal savings (35%) and company pension (29%) will be the main income sources and only half think they will be better off than their parents in retirement.
The Nielsen Global Survey about ageing polled over 30,000 internet respondents in 60 countries.
Over half (54%) of British consumers reported having enough money to live comfortably as one of their biggest concerns or fears about growing old.
Nielsen senior vice-president for financial services in Europe Eleni Nicholas said: "Britons have a bleaker retirement outlook than people globally; they're almost twice as likely to expect to be working after 65, and a third less likely to believe they'll be financially better off than their parents.
"Britons are half as likely as Europeans to rely on the state for their main source of income during retirement. This highlights a strong opportunity for financial service providers to offer products that help people in the UK build their retirement funds early on."
Nigel Barlow, director of product development at Partnership, said: "Nielsen's research clearly highlights that UK employees are waking up to the reality of the 'new retirement' where they will be less able to rely on the state, need to be more self-sufficient and may need to work substantially longer."
However, he believes more than a fifth of UK workers will have to work beyond 70.
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