Britons are more likely than the rest of Europe to want to retire early, but will not expect help from a state pension in order to do so.
Research, conducted jointly by Brahm and Cicero Consulting, found that over a quarter of Britons have 60 as the ideal retirement age in mind. Meanwhile, 33 per cent say they might have to work after they are 65 years old. Only 17 per cent believe their retirement pension funds will come from the state.
In comparison, only eight per cent of Germans interviewed believed they would reach retirement age before 60, and 47 per cent believed they would have to work beyond the retirement age.
Over 60 per cent of Spaniards and 41 per cent of respondents in France and Italy believe their pension would come from the government.
Iain Anderson, chief corporate counsel of Cicero Consulting, said that the research gave policymakers important clues and that "people are prepared to work longer in order to secure a better retirement income".
He continued: "As the UK awaits the publication of the Turner report – it appears UK citizens are willing to explore the idea of flexible working in retirement."
Robin Horsfield, associate director and head of research at Brahm, suggested that pension fund providers should begin to consider how to market their products in reaction to "changing lifestyles and savings attitudes".
The Turner Report, due to be published on November 30th, was called in 2002 to suggest reforms to the pensions system.
It has been said that the report could recommend that the average retirement age should rise.
Brits aim for lower retirement age
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Brits aim for lower retirement age
Fri, 30 Sep 2005
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