A quarter of under-35s in the UK don’t know how they will fund their retirement, according to a new survey.
Annuity Supermarket polled 500 people aged 18-34, and made some alarming findings: 27% of under-35s believe they will rely solely on a state pension, and more than 1 in 10 believe they will end up working their entire lives.
Meanwhile, 13% of respondents earning below £10,000 believe they will be able to retire before they reach 50.
More key figures:
· 65% of under-35s don’t know what an annuity is.
· 44% have never heard of equity release.
· 89% don’t understand the term ‘income drawdown’.
Kevin Stelfox, Marketing Director at Annuity Supermarket, said:
"The figures demonstrate a serious lack of knowledge amongst the British public about how they will fund their retirement.
"The data also suggests that a significant proportion of those in the lowest income bracket have unrealistic expectations about their financial future.
"It’s important that young people get a grip on planning for their retirement if they want to avoid pension poverty."
For more information, you can read the full report at:
Notes to editors:
Annuity Supermarket is an independent financial website providing specialist information for the over 55s. Annuity Supermarket directors have a wealth of knowledge and experience of the retirement market, much of which has been gained working for large blue-chip insurance companies.
For more information, visit www.annuitysupermarket.com.
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