GLOBAL - Longevity and caring for elder relations and children is squeezing the baby boomer generation and putting retirement security at risk, the Hartford Financial Services Group has warned.
Dubbed the 'sandwich generation', 18% of Japanese, 28% of Americans, 10% of Germans and 22% of British respondents said they were coping with these pressures by putting off saving for retirement.
Lizabeth Zlatkus, president and co-chief operating officer, Hartford Life, Inc., a subsidiary of Hartford, said: "Competing financial responsibilities make it more difficult for many members of the 'sandwich generation' to save and accumulate assets for retirement.
"Because they have a tighter margin of error, members of the 'sandwich generation' not only need to make the most of every retirement dollar invested, they need to protect and preserve their hard-earned savings."
The survey found members of this social group felt less confident about being able to continue their lifestyles in retirement than their unencumbered peers and were more likely to work longer. It also underlined an "overwhelming" consumer demand for guaranteed lifetime income in retirement.
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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