Too many expect state support in their retirement: poll
Two-thirds of Britons expect the state to support them in their retirement, according to a survey by Unbiased.
The research, undertaken by unbiased.co.uk, an IFA promotional website, said this expectation was more prevalent for those aged 35 and above.
Reliance on the state pension fell to 44 per cent of those under the age or 35, compared to 62 per cent for 35 to 54 year olds and 84 per cent of Britain’s over 55s.
A quarter of British retirees expect to use their Isas for all or part of their retirement income while one in seven women will rely on their partner; only 4 per cent expect to rely on the government’s National Employment Savings Trust scheme.
The state pension topped the list of retirement income sources, although almost half of those surveyed expect to rely on a private pension to play a part in their retirement provision, followed by a quarter that named Isas as their retirement income source.
The research said planning for retirement is one of the most important things people can do to ensure they are financially secure in the long-term and there is a multitude of retirement savings options out there.
However, Karen Barrett, chief executive for Unbiased, said: “Not every option is right for everyone and it is important to realise that simply relying on the state to provide for you is not going to be enough.
“We all have to take ownership of our own financial future and plan for our income in retirement accordingly, whether it is just putting money into a savings account or contributing to a private pension.”
Colin Rothery, regional manager for Pontefract-based Throgmorton Financial Services, said: “Hopefully auto-enrolment will make people think. Job security and lack of money, particularly at the bottom end, are discouraging people from pension planning, hence their reliance on the state.”