Cost of living pushes up pension fears for over-55s
Older workers are far less confident that they will be able to retire comfortably than their younger counterparts, new research suggests.
Only one in ten workers aged over 55 believes their pension will be enough to support them well in old age – compared with three in ten 16- to 24-year-olds.
More than six million workers are not confident about their retirement planning, new research by insurance giant Aviva suggests.
The rising cost of living has made seven in ten workers more anxious about their finances. And women are more likely to be concerned.
Lucy Carter, 50, from York, is among them. She believes her pension savings will not be enough to survive on, but cannot afford to increase her contributions due to rising living costs.
Concern: Only one in ten workers aged over 55 believes their pension will be enough to support them well in old age
The divorced registrar has two grown-up daughters and gets by on a £31,000 annual salary.
She says: ‘It concerns me how I will still be able to afford to stay in my rented home when I get older.’
Like millions of retirees, Lucy is likely to rely heavily on her state pension, which currently stands at £10,600 a year – £203.85 a week.
Emma Douglas, at Aviva, says: ‘This is a particularly financially challenging time which makes it more important than ever that people understand their pension savings and retirement options.’