The attitudes of Britons towards pensions and retirement have been exposed by a recent poll. In order to better understand public opinion on retirement, pensions, and investments, investment comparison website Investing Reviews polled over 2,000 users about their views on these subjects.
It’s interesting to note that, despite rising tensions in France over the decision to raise the retirement age from 62 to 64, attitudes in the UK appear to be very similar to those in France. The present retirement age in the UK is 66. According to the study, 68.71% of participants think it should be decreased. This opinion is shared by 71.16% of respondents, who also think that retiring in the UK is more difficult than it has ever been.
According to the Investing Reviews study, this appears to be easier said than done. In fact, 62.60% of respondents said they didn’t think their pension was sufficient for a comfortable retirement and that they would need to make extra investments in addition to their pension. This might be because more than half of respondents (55.82%) concur that they are unable to contribute as much to their pensions as they would like to.
In terms of employer contributions, considerably over a third (42.66%) of respondents would think about switching careers or working in a completely other industry if it meant higher employer contributions. In a previous study by Investing Reviews that examined official government data from ONS, the sector with the highest percentage of employers contributing 20% or more to employees’ pensions was “public administration and defense” (including mandatory social security). The sector with the lowest percentage of employers contributing 20% or more was “wholesale and retail trade (including motor vehicles and motorcycle repair).
The fact that more than a third (34.93%) of respondents said they don’t know exactly how much money is in their pension and that more than a third of respondents think they won’t be able to retire comfortably in the UK is particularly intriguing.
When asked if they would choose to retire outside of the UK, 42.66% of respondents said yes, echoing the sentiment that it is difficult to retire comfortably in the UK and that they are frustrated by their inability to make as much of a contribution to their pensions as they’d like. This raises concerns about the rising rate of inflation and the cost of living, which may make it difficult for those who are looking to retire to keep up with.
Source: traveldailymedia