Eight in ten Britons believe they will not have enough money to live comfortably when they reach retirement age.
Stockbrokers Brewin Dolphin found in a survey that the majority of British adults estimate their retirement pension would be almost a third lower than they had hoped for. This totals a pensions deficit of £159 billion.
A further almost six in ten believe their retirement income would be a fifth less than what they actually need. Some seven per cent are even more pessimistic and believe they would have 71 per cent less than what they expected.
"Many of these are not taking any action to address the problem and are sleepwalking into disaster," Charlotte Black, marketing director at Brewin Dolphin, explained.
The survey suggests that many people are now resigned to getting less pension money than they had originally anticipated, when they reach retirement age.
"Government mismanagement coupled with pension mis-selling has taken its toll on the public's confidence in the pension industry," Ms Black commented, but said ignoring the problem will only make matters worse.
Britons between the ages of 18 and 24 seemed to be the least optimistic about their retirement pensions. Around 81 per cent of them said they expect to receive less than what they need to survive when they reach their retirement age.
In spite of this, Brewin Dolphin found that a third of Britons have never reviewed their pension arrangements and a further almost three-quarters would not consider seeking advice from an independent financial adviser.
General pessimism over retirement pension in UK
Pensions Quote Line
0845 108 0505
General pessimism over retirement pension in UK
Mon, 11 Jul 2005
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| Pensioners will see a boost to their income - Mon, 15 Dec 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.