UK - Most people are unwilling to take personal responsibility for their retirement income, a survey by Hewitt Bacon & Woodrow reveals.
The study showed that 54% of those questioned believed their employer was responsible for ensuring they had an adequate retirement income. But only 35% said they would be willing to retire on less money.
Hewitt Bacon & Woodrow retirement consultant Michael Pomery said: “The government and many employers would like consumers to take more responsibility for their retirement. But, the implications of this must be communicated more effectively, and some better incentives will probably be necessary.
“Pension contributions will need to be increased and this must start quickly.”
The consultant found that only 43% of people are prepared to save more for their retirement with 16-44-year-olds more willing to increase their pension contributions than 45-55-year-olds.
Of those willing to make extra savings for their retirement, Hewitt Bacon & Woodrow found that 53% said they were prepared to delay their retirement, though only 22% were prepared to contemplate working full time until they were aged 70.
Pomery added: “Our research does seem to show that there may not be wholesale resistance to the introduction of compulsory pension contributions by employees. However, any attempts by the government to increase the retirement age would represent a significant challenge.”
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