Bleak retirement picture
June 8, 2007 by admin
Filed under News, News-Banking
Most of us will be unable to retire at the age we want to, will rely on our parents for financial support and will endure a reduced standard of living once we do.
That is how the majority of independent financial advisers (IFAs) see the future as saving and banking properly become less common in the UK.
Insurance firm Aegon gauged the opinions of 100 IFAs on issues surrounding retirement and they painted a fairly bleak picture.
A total of 88 per cent predicted that the average retirement age will increase in the next ten years, with the same number believing that most people will not be able to retire at the age they want to.
Eight out of ten IFAs say that parents now have to support their children for longer than ever before and 74 per cent think that we all receive less inheritance.
Perhaps the most worrying finding for some people is that 71 per cent of IFAs believe that most people are resigned to seeing their standard of living reduce significantly once they retire.
“The third wave of the Aegon IFA Insights survey reveals that the IFA community expects those planning for retirement to face increasing pressures from all sides,” commented Graham Dumble, director of risk and regulation at the firm.
“So it’s not surprising they expect the British public will have to work longer into their retirement years or accept a lower standard of living in retirement.”
