1 in 5 never able to retire

Posted by Sam Twyford in Personal Finance on 24 September 2013 - Sam is a Product Manager at checkmyfile

A recent survey carried out by HSBC has reports that one in five Britons now fear that they will never be able to retire, with shortfalls in both savings and their pensions. Many Britons now expect to feel gloomier about their future prospects than those living in other countries around the world.

On average British workers believe their savings will only last a third of the way through retirement, compared with workers in the US who think their savings will fund at least two thirds of retirement. Those in Australia, France and China believe they have enough to pay for at least half.

The HSBC Global Future of Retirement report questioned 16,000 people in 15 countries, with Brits coming out on top with the highest percentage (19%) expecting that they will never be able to fully retire. America fell just behind with 18%, with France and Hong Kong 12%.

Brazil - one of the world’s biggest growing economies - highlighted that only 5% believe they would never be able to retire.

People living alone in the UK are the most likely to have to continue working, with 36% of those who are divorced or separated are expect to continue working indefinitely compared to 23% globally.

Two fifths of retired people surveyed in the UK say that they have not prepared adequately for retirement and 44% of those that fall into this bracket confirm that they would never be able to make up their shortfall, with many failing to realise their retirement dreams because they had less money than originally envisaged.

Darren Philp of the National Association of Pension Funds is not surprised so many are finding themselves short on funds later on in life, saying, "The Government's own figures suggest that seven million people aren't saving enough for their retirement. Also people are living longer, so any money they do save has to last longer and we know that the economic environment hasn't been great over the past years so investments in pensions haven't been what people expected”.

Sam Twyford is a Credit Analyst at Checkmyfile, has a degree in Business Studies and is an Associate of the Institute of Credit Management. He can be contacted at sam.twyford@checkmyfile.com

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