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Working well into our 70s thanks to savings shortfall

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In comparison to the rest of the world, UK saving shortfalls are now making Brits twice as likely to work past the state pension age.

In fact, one in five don’t expect to retire until the age of 70 years.

Facts and figures

All in all, 19% of Brits believe that they may have to work past the age of 70 years. This is a huge difference to that of the 12% in continental Europe.

One in 20 believe that they will work until the age of 76 years while research shows that in comparison to the rest of the globe, Brits are twice as likely to work past the age of 65 years.

The reasons for this

The main reason for this is a lack of retirement savings. Instead of relocating, embarking on a travel adventure or choosing a retirement abroad option, Brits are now facing the dark reality.

In total, 44% of people expect to work long past the average retirement age in the UK. These results were revealed by the Nielson survey, which included 30,000 people across 60 countries.

Bleak outlook

These results suggest that Brits have a bleaker outlook than most when it comes to retirement. A third of the people asked think they will have fewer funds than their parents did for retirement.

More and more Brits appear to be in a less stable financial position today, especially when compared to those residing in other countries. Almost half of those questioned from Britain revealed that their expected retirement age is a lot older than they’d like it to be.

Despite this, they don’t think they’ll have the funds in place to live out a comfortable retirement from the age of 65 years.

Thankfully the government has recently introduced its automatic enrollment scheme for workers. This places pension-less workers onto a number of savings schemes and is intended to help those who are relying solely on the state pension budget to gain access to the funds which they need to support their lifestyles.

This suggests that UK employees are waking up to this harsh reality and are now willing to do something about it. An increased number of products such as those offered under auto-enrolment are designed to help people get through financially fraught periods of their life and debt consolidation loans for people with bad credit do a similar job.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074