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

Could your Netflix and Spotify subscriptions help build your Credit Score?

Building creditworthiness takes time and diligence. At the heart of improving your Credit Rating is the simple habit of managing existing credit agreements well, and proving to potential lenders that you are a good credit risk.

Published on 31 Oct 2019 by Andrew Brown

Full Article

Apple Credit Card – Modern Innovation or More of the Same?

Apple’s first foray into consumer credit is finally available - to US iPhone owners at least.

Published on 24 Oct 2019 by Sam Griffin

Full Article

How does APR work? – Your questions answered

APR stands for Annual Percentage Rate and is a standard measure that allows you to compare the total cost of credit from different lenders.

Published on 30 Aug 2019 by Andrew Brown

Full Article

Check your Multi Agency Credit Report before the PPI deadline

The PPI deadline is at 11.59pm on Thursday 29 August. After this point, you can no longer submit applications to reclaim any PPI you are owed from lenders. If you’ve not done it, the time is now to check whether you are owed money. If you start your PPI application before the deadline, it’s still possible to reclaim what you’re owed.

Published on 28 Aug 2019 by Andrew Brown

Full Article

How interest rates are calculated

If you’ve ever applied for a form of credit, you may well have discovered to your cost that the advertised APR and the interest rate you’re offered if you are accepted can be very different things.

Published on 14 Jun 2019 by Richard Catlin

Full Article

The Importance of Proving Stability to Lenders

In addition to the key roles that your Credit History and Affordability play in determining whether or not you will be accepted for credit, we regularly talk about the importance of being able to demonstrate your ‘stability’ to potential lenders.

Published on 15 Mar 2019 by Sophie Regester

Full Article

If I Change My Name Can I Still Get Credit?

Legally changing your name is an increasingly popular thing to do in the UK: while getting married or divorced still makes up a large proportion of this, there is a growing trend towards people changing their name following civil partnerships, a change in gender, living in blended families, or simply because they’re seeking a change – the list is long.

Published on 22 Feb 2019 by Tom Magor

Full Article

Which Credit Report Information Can Landlords See

These days whenever you rent a property you may be required to pass checks set by the landlord or letting agent to prove that you will be a good tenant and that you’ll be able to reliably make rent payments to the property on time.

Published on 7 Feb 2019 by Kevin Pearce

Full Article

What Credit Checks Look For When You Switch Energy

As we get deeper into Winter, it’s inevitable that millions of consumers across the UK will end up using more energy and spending more on bills due to the colder weather and long stretches of darkness.

Published on 9 Jan 2019 by Jamie Mackenzie Smith

Full Article

Pros and cons of going paperless

Whether you are environmentally motivated or simply to get a discount for moving your billing online, you might find it makes sense to abandon paper for your business, if you haven’t already.

Published on 7 Dec 2018 by Kevin Pearce

Full Article
keyboard_arrow_left

keyboard_arrow_right

We are rated number 1 for customer service on