21 Mar, 2017
With the constantly rising costs of living, it is clear that many Brits are concerned about how they will ever be financially secure enough to retire. Peer-to-peer lending platform Lending Works
surveyed over 1,500 non-retired adults in the UK , whose results you can see on their infographic
, and made some concerning discoveries.
There is clearly more of a worry amongst single adults that they will never be in a financial position to be able to retire. 24% of single adults said they believe they would never be in a secure enough position to finish work, compared to 19% of those who are married or living with their partner. On top of this, 40% of those who were not in relationship said that they are currently unable to put any money aside each month for their future, compared to 29% of those in long-term relationships, (married or co-habiting).
Aside from relationship status, the figures show that overall, 1 in 5 of those who aren’t yet retired – 22% – gloomily believe that they’ll never be financially secure enough to retire. This suggests they have visions of working until they drop, as they won’t be able to afford to stop earning money. This pessimistic view is highest in the 35-44 year old category, with 25% of them not seeing themselves as ever being financially secure enough to retire, although only 17% of 18-24 year olds, who technically have more time to start saving, agree. And countrywide, the outlook is bleakest in the West Midlands (27%), perhaps due to relatively high unemployment, compared to only 19% in London, where there are, theoretically, more jobs.
The main reason, of course, that we can’t see ourselves retiring is because we can’t afford to. Over a third of non-retired adults – 34% – don’t save a single penny towards retirement each month. Let’s face it, it could be that when you’ve got bills and rent to pay, you’re trying to feed yourself and your family, you’ve got to pay for your transport to work and you also want to have a social life, sparing a few pence, or pounds, for the future tends to slip far down the priority list… And women are guiltier of this than men, with 41% of non-retired females not saving towards retirement, compared to 26% of men.
‘It is clear from this research that many Brits are quite pessimistic when it comes to the future,’ commented Nick Harding, CEO and co-founder of Lending Works
. ‘It is also particularly concerning to see how many people aren’t planning adequately for their retirement, although it is perhaps somewhat understandable given the slow economic recovery and poor returns on savings currently available.