Britons are still in denial about the looming UK pensions crisis, the Institute for Public Policy Research (ippr) suggests.
According to the research, the British public do not believe that they have a higher life expectancy than previous generations, and that they may need to worker for longer in order to collect their state pension.
The ippr report published today suggests that there exists general mistrust towards the government, the financial services industry and employers with regards to UK pensions.
Instead, they base their expectations on the experiences of friends and family, noted report author and senior ippr economist Peter Robinson.
"This distrust means it is vital that the government achieve its objective of a popular consensus for pension reform," he commented.
The Institute believes raising the retirement age to 67 between 2020 and 2030 is of vital importance.
It is argued that higher retirement age would not only reflect the high life expectancy, but it would also enable the UK pensions system to remain sustainable.
Saying that raising the retirement age for those receiving state pension, Mr Robinson added: "One way to build a consensus on increasing the state pension age is to link it with an increase in the basic state pension."
Raise state pension retirement age, research suggests
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Raise state pension retirement age, research suggests
Mon, 25 Jul 2005
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