Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

UK workers set to spend seven years more saving for retirement than current pensioners

(PA)
(PA)

WORKING-AGE Britons typically expect to spend seven years more saving for their retirement than those who are already pensioners, a report has found.

On average, UK workers predict they will spend 37 years saving for their retirement – which was also the equal longest time found in any country in a global survey by HSBC.

The Future of Retirement research compared UK retirement trends with those in 16 other countries, including the United States, France, Hong Kong, Canada, Singapore, China and India.

People in the UK who have already retired said it took them around 30 years on average to save for their later years.

The typical working age Briton’s expectation that they will need to save for 37 years is also seven years longer than the average length of time that their counterparts in other countries typically expect to have to save, the study found.

Australia was the only other country where working-age people expected to be saving as long as 37 years for their retirement.

People in the UK and Australia were particularly likely to say that downsizing or selling a property would help fund their retirement – with 22% and 26% of pre-retirees respectively relying on this for an income.

The report said that within the UK, fewer people of working age expected to be relying on a state pension, cash savings or a defined benefit pension that offered a certain guaranteed income, than those who were already retired.

Instead, more were pinning their hopes on an inheritance to fund their later years. Some 27% of working-age people expect to use an inheritance to fund their retirement, compared with 10% of those who have already retired.

More people are also planning to carry on working to some extent during their retirement in the UK, with nearly one in four (23%) working-age people expecting to do this, compared with 10% of those who have already retired.

The UK research also found that fortysomethings was a particularly squeezed age group, with 58% saying they were financially supporting other people.

More than 18,200 people, including 2,000 in the UK, were questioned for the report.


READ MORE

One in seven 2016 retirees have no personal pension savings

Over a million UK pensioners are relying on cash handouts from family and friends