Grim retirement prospects for Under-30s

A fifth of under 30s do not think they will ever retire

Research conducted by Opinium, on behalf of Selftrade, has revealed that almost half (46%) of UK adults plan to work past state pension age, and a fifth of under 30s do not think they will ever retire.

The research found that a fifth (20%) of those currently under 30 do not think they will ever retire, while almost a third expect to work into their 70s. Of under-30s expecting to work past retirement age, 31% expect to work full-time, while 53% say they are likely to work part-time or on reduced hours.

However, older workers have a different outlook to youngsters, with only 13% of those in their 50s, and 4% of those in their 60s – the last generations likely to have defined benefit pensions- saying they will continue to work into their retirement.

The desire to stay mentally active (35%) is a prime reason for people wanting to remain in work, but insufficient savings to fund retirement (34%) is also a reason for many.

Read more about this research from Financial Planning Todayand The Daily Express