According to new research from stakeholder pension provider B&CE Benefit Schemes, over a third of people would be prepared to pay more income tax in return for a decent retirement income from the government.
People over the age of 45 were especially in favour of higher income tax, with over 44% choosing this option. Forty per cent of people under 34 preferred to save more instead of paying more tax, while the option of raising the retirement age was the least popular among the respondents, with only 15% opting for this as their first choice.
When asked what would be most likely to encourage people to start saving for their retirement, the top four options were knowing what you will get for retirement, better information on pensions, government matching pension saving, and clearer tax incentives.
Our view
In survey's people say they want to save and say they would pay more tax but the reality is a little different when it comes to it.