Research reveals 12 per cent of retirees have made no provision for retirement
Twelve per cent of people due to retire this year have made no provision for their future. That is the shock finding of a new study by the Prudential.
The research from the financial service group revealed that 10 per cent of those who took part in the survey would be either wholly or partly reliant on the State Pension for an income. This is a four per cent drop on last year and a 13 per cent decline since 2008.
Looking at the gender divide of the Prudential’s figures it was shown that 18 per cent of women would be retiring with no pension in place, compared to just seven per cent of men. Once again, as far as women were concerned, this shows a decrease year on year, with the figure standing at 22 per cent for 2017. The percentage of men remained the same.
Commenting on the findings, a spokesperson for the Prudential said: “The long-term trend for the number of people retiring without a pension is down and that is good news. But there is still some distance to go and it is worrying so many people will be entirely reliant on the State Pension for their income in retirement.
“While the State Pension is an important part of retirement income, it shouldn’t be the only part and those still in work should, if at all possible, be contributing to a pension and saving towards their retirement. It is never too early to start saving into a pension and even a small amount each month can make a difference.”