Recent research from Prudential claims that more than five million people feel that they will never be able to afford to retire. Less than half of the population believe that they would be able to retire before or at age 65.
Of the 1,566 people surveyed, 64 per cent expected the state pension to decrease in relative terms by the time they reached retirement. Private and company pensions did not rate much better, with 40 percent of people expecting the income they receive to get worse by the time they retire as opposed to 12 per cent who are expecting it to get better.
Our view
This research highlights the need to take advice. The pension crisis and peoples lack of confidence pensions is normally fuelled by lack of knowledge.
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