At 45% almost half of the UK population believe that they will have to work until the end of their days because of financial commitments.
A survey by Mintel analysts found that Brits were not very optimistic about retirement. They discovered that Londoners were the least hopeful with 45% believing they would never retire.
On the other hand, 32% of workers stated that as soon as they were able to claim a state pension, they would do so. Out of this number 42% were men aged between 25 to 44.
In general, there seemed to be little hope for this generation with 61% of the working community believing that the previous generation were more financially stable.
Senior Financial Analyst at Mintel Rich Shepherd stated: “The public has a very negative view of retirement and the majority of people believe that this generation is somehow lacking in comparison to previous generations.”
“The age that workers become eligible for state pension has increased, and people are struggling to save enough money to go towards their retirement. All of which makes it easy for them to notice the difference between previous generations.”
The survey also found that at 55% the majority of the employed population don’t have a pension fund.
Individuals have such low confidence in the governments retirement plans that 20% of people believe that that they will have to use money from an ISA or savings account to fund their retirement.
Mr Shepherd also stated: “Despite the fact that people are aware of the need to save more towards their pensions, no one is actually taking action.”
“The Government should do more to assist consumers in becoming proactive in securing their retirement futures, one of the major differences between the present and previous generation is that consumerism was not so prevalent meaning that people were capable of saving more.”