Nearly eight million people believe they won’t have enough money to retire on, the latest research has revealed.
Half of all workers aged 40-64 said they do not expect to have enough money to stop work once they reach their State Pension age, according to YouGov research for the charity Age UK.
The news comes hot on the heels of our own study which showed that small business owners in Britain have unrealistic pension expectations and could be sitting on a retirement “time bomb”.
The report from Clifton Asset Management and the Forum of Private Business revealed that 42% of SME owners questioned by YouGov expect to retire after the age of 70 or have no intention of retiring at all.
A further 33% of those questioned fear they would outlive their retirement funds, while 29% view their business as their pension and would be looking to sell to fund their retirement.
Age UK is calling for Government action to help people plan for the future while there is still time to make a difference, echoing Clifton Asset Management chairman Adam Tavener, who said there was a lack of education and that more advice was needed to help entrepreneurs make their pensions work for them.
He said: “A knowledge-based approach is essential to drive good decisions for SME owners to make the most of their pensions and fulfil their business and retirement expectations.”