Fifth Of Workers Expect To Still Have A Job At 70

One in five British workers believe they will still have a job when they are 70 years old and half do not feel they will be financially better off than their parents.

This lack of confidence stems for a lack of saving from retirement and is much lower than the global average of 70% of workers who have more belief about their ability to fund a comfortable retirement from an earlier age.

The disclosures come from a global ageing survey from market research firm Nielsen, who asked 30,000 workers in 60 countries how they felt about their retirement prospects.

In Britain, just over a third of workers said they could fund their retirement from savings, while 29% are looking forward to money from a company pension plan.

One in four workers expects the state pension will be their main source of retirement income. Across Europe, only one in eight workers are relying on a state pension when they give up work.

No confidence

“The British have a much less confident outlook on retirement than many other workers around the world,” said a Nielsen spokesman.

“Twice as many as average expect to work after the 65th birthday and they believe they are a third less likely to be as well off as their parents.”

The findings come as financial firms call for Chancellor George Osborne to do more to help those approaching retirement in his Budget 2014.

Saga, a firm specialising in finances for the over 50s, is urging the Chancellor to tackle Employers national insurance as this is viewed as a tax on jobs that stops firms employing the over 50s.

The firm also wants to let the over 50s invest their annual ISA allowance in cash.

Compulsory savings

“Unemployment is a real problem for the over 50s who find getting a job harder than any other age group.”

“Providing flexibility for savings would offer a boost for those who did the right thing and put money aside for their retirement but find low interest rates eroding their income.”

Meanwhile, the CEO of investment firm BlackRock wants the Chancellor to make saving for retirement compulsory.

Larry Fink believes workers should not have the choice of opting out of pensions.

Research by the firm found 50% of adults in Britain have no retirement savings, while the average pension pot is £36,800, giving an income of around £1,340 a year in retirement.

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