Almost 70% of Brits want the retirement age to be lowered, new study shows

A brand new survey has revealed the UK’s sentiment relating to pensions and retirement.

The survey, performed by funding comparability website Investing Opinions, requested over 2,000 customers their opinions and attitudes in the direction of retirement, pensions and investments to raised perceive the nations sentiment round mentioned subjects.

Apparently, as tensions in France proceed to rise over the elevating of the retirement age from 62 to 64, UK sentiment relating to retirement ages doesn’t appear to vary a lot from the French. Within the survey, 68.71% of respondents consider that the UK retirement age (which presently stands at 66) must be lowered. This sentiment additionally comes alongside 71.16% of respondents believing that it’s tougher to retire within the UK now than ever earlier than.

Nevertheless, this appears to be simpler mentioned than achieved in accordance with the survey by Investing Opinions. Actually, 62.60% of respondents consider that their pension is just not sufficient to retire comfortably, citing that they consider they are going to want further investments alongside their pension. This can be on account of the truth that over half of respondents (55.82%) agree that they’re unable to make as many pension contributions as they want to.

With regards to employer contributions, nicely over a 3rd (42.66%) of respondents would contemplate working in a completely completely different sector to their present profession if it meant larger employer contributions. In a earlier research by Investing Opinions that analysed official authorities knowledge from ONS, working in ‘public administration and defence (together with obligatory social safety)’ is the sector which have the very best proportion of employers contributing 20% or extra to staff’ pension while employers within the ‘wholesale and retail commerce (together with motor autos and bike restore)’ have the bottom proportion of employer contributions of 20% or extra at just one.3%.

What is especially fascinating is that over a 3rd (34.93%) of respondents revealed that they have no idea precisely how a lot cash is of their pension, while once more, over a 3rd of respondents consider they won’t be able to retire comfortably within the UK.

This sentiment across the issue of retiring comfortably within the UK and the frustration at not with the ability to contribute as a lot to their pensions as they’d like are echoed in respondents solutions to the query “If I used to be in a position to, I might select to retire exterior of the UK” whereby 42.66% of respondents agreed – elevating questions over the rising charge of inflation and cost-of-living that’s maybe not one thing that these trying to retire, are in a position to sustain with if they continue to be within the UK.

Commenting on the findings, CEO of Investing Opinions, Simon Jones mentioned: “There are infinite debates available relating to the UK retirement age and the state of pensions, particularly contemplating the latest rise in retirement age in France and the backlash that obtained. These responses supply a captivating perception into the attitudes that the British public maintain in the direction of pensions and retirement ages, notably the sentiment that it’s now tougher to retire comfortably than ever earlier than. It will likely be fascinating to see if elements such because the backlash in France to the rise within the retirement age and the rising issue of the cost-of-living disaster have any impact on these sentiments sooner or later.”