By Adam Cadle
Forty-four per cent of Brits aged between 55 and 64 have no idea when they will be able to retire, as a triple whammy of increasing longevity, a decline in the value of annuities and a lack of pension savings have hit personal income, Baring Asset Management warned today.
According to research conducted among 1567 non-retired British adults, almost two-fifths of all non-retired Brits do not know when they will be able to retire while 12 per cent do not plan to retire at all. It was also revealed that 36 per cent of non-retired adults do not have a pension.
These latest figures are in stark contrast with statistics released before the financial crisis in 2008. In 2008, just three per cent of those aged between 45 and 54 stated that they did not know when they would be able to retire and just one per cent of those aged between 55 and 64 said the same.
Barings chief investment officer Marino Valensise commented: “For a worryingly large proportion of the British population, retirement is very uncertain. A significant number cannot afford to retire. The auto-enrolment scheme may go some way to addressing this problem and it will be interesting to see how this impacts the results of our survey next year.”