According to HSBC’s The Future of Retirement report, one in five workers in the UK expect they will never be able to afford to retire fully.
Despite the Auto-Enrolment for pensions slowly being integrated into the workplace, many workers will not adequately prepare for retirement. Many existing retirees acknowledge they will have to return to work to make up their shortfall after failing to prepare financially.
Christine Foyster, Head of Wealth Management, HSBC, said: “Today’s workers should prepare for retirement as early as possible to have some certainty for retirement. Life is full of reasons to prioritise short term spending over long term planning, but the sooner people start saving, the less likely they will have to rely on working in old age.”