Nearly half say retirement is 'impossible' amid cost of living crisis
A NEW survey has revealed how the cost of living crisis is affecting people’s retirement prospects.
My Pension Expert surveyed 2,000 people, and more than a quarter of over-55s quizzed believe they will still be working in their 70s.
44 per cent added that the cost of living crisis has made retirement “impossible”.
Over a third (37 per cent) of people surveyed said the current economic climate has derailed their financial plans, and only 35 per cent of over-55s think they will be able to retire when they want to.
Less than half (43 per cent) of respondents know how much they have saved in their pensions, and even fewer (37 per cent) have a financial plan in place for retirement.
Andrew Megson, CEO of My Pension Expert, said: “Chancellor Jeremy Hunt has been making it abundantly clear that he wants to keep over-55s ‘economically active’ – ‘Britain needs you’, he said, despite the fact that older workers have been poorly treated and under-acknowledged for many years.
“It won’t be a sense of duty that keeps them in employment, but necessity.
“The Government ought to be working with the financial advice sector to ensure more people can access advice to make informed decisions and achieve their financial goals.”