UK - Only a third of people believe they will have enough to pay for basic expenses when they retire, a new survey shows.
But concerns over retirement finances are far from being a British phenomenon.
The Principal Financial Group’s Global Financial Well-Being study finds that people across the world are growing increasingly worried about having a financially secure retirement.
Despite the British being among the more upbeat about their financial future than other nationalities, most admitted to being “very concerned” about paying for their retirement.
Only 16% of the 500 Britons questioned for the study believed employers cared about their workers’ long-term financial future and 80% said employers were not performing well to ensure retirement security.
Furthermore, only a small percentage of respondents fully trusted the government to help with their retirement savings.
Two in 10 were confident the government would continue to provide the level of retirement benefits received by retirees today. And only 20% thought the government was doing a good job in ensuring people would have a financially secure retirement.
The study, which was carried out in 12 countries, showed the retirement concerns of respondents had worsened in the past year. “This is the third year we have commissioned the PGF Well-Being Study and the numbers keep pointing towards worry and in some cases outright hopelessness about having a financially secure retirement,” said Principal International president Norman Sorensen.
“Through the ups and downs of the past three years, the study has kept us informed of one constant – a sobering and deep-seated pessimism about achieving a financially secure retirement.”
The nations surveyed included the UK, Brazil, Chile, China, France, Germany, India, Italy, Japan, Mexico and the US.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.