Nearly a quarter (23%) of respondents have not thought about how they will survive financially when they retire, according to research by Capita Employee Benefits.
Its 2013 Spring Capita Employee Benefits survey, which was conducted by Research Now and questioned more than 3,000 employees, found that this response was highest among younger staff. Just over a third (35%) of those aged 25 to 34 said this was the case, while 13% of 45 to 54 year olds and 5% of those aged 55 to 64 said the same.
The research also found:
- 35% of respondents plan to retire between the ages of 61 and 65, making this the most popular planned retirement age bracket.
- 24% of respondents plan to retire closer to the state retirement age of 66 to 70.
- 23% of respondents hope to retire by the age of 60.
- 36% of respondents thought they will need at least £1,500 a month to retire on and 26% think they will need more than £2,000.
David Tildsley (pictured), director of Capita Employee Benefits, said: “There seems to be a considerable gap between how and when people expect to retire and the ways they are making provision to do so.
“Too many are still relying wholly or predominantly on the state pension, or a spouses’ state pension, in spite of the fact that demographics suggest that thus may well be unsustainable by the time many retire.”