More than 14 per cent of workers in the UK believe they will never have enough money to retire and 20 per cent expect to have to sell their home to help fund their retirement, says Prudential.
Less than half of respondents in Pru’s latest research believed they would be in a position to retire by the traditional age of 65 and almost 10 per cent expect to retire after their 70th birthday.
The pensions crisis is hitting women the hardest, with more than 20 per cent of women admitting they have no additional means of financing their retirement outside of their State or private pension, compared to 13 per cent of men.
Prudential retail life & pensions managing director Gary Shaughnessy says: “This report makes depressing reading and highlights how many people fear they will not be able to afford to retire or will have to suffer a significant change in lifestyle to fund their retirement.
“This new retirement reality means few people will be able to rely just on a pension to provide retirement income and for this reason we are forming an independent panel of experts to establish a new perspective on retirement planning, which recognises and promotes the fact that non-pension savings, investments and equity in property all play a vital role in enabling people to maintain their lifestyle in retirement.”