Around 42.66 per cent of people have expressed a desire to retire outside the UK in a new survey.
According to a survey from Investing Reviews, a sizable proportion of UK citizens are having trouble retiring comfortably, mostly because of their limited pension contributions. Concerns have been raised regarding the situation’s impact on the UK’s skyrocketing cost of living and growing inflation rates, which will make it difficult for retirees to maintain their ideal standard of living.
The survey, asked over 2,000 users their opinions and attitudes towards retirement, pensions and investments to better understand the national sentiment around said topics.
The UK retirement age, which is now set at 66, should be decreased, according to 68.71 per cent of respondents. Meanwhile. over a third or 42.66 per cent of respondents would consider working in an entirely different sector to their current career if it meant greater employer contributions.
Additionally, 62.60 per cent of respondents feel that their pension is insufficient for a comfortable retirement and believe they need additional investments. According to the research, this is likely because 55.82 per cent of respondents are unable to make desired pension contributions.
But, over a third or 34.93 per cent of respondents revealed that they do not know exactly how much money is in their pension.
Investing Reviews CEO Simon Jones says: “There are endless debates to be had regarding the UK retirement age and the state of pensions, especially considering the recent rise in retirement age in France and the backlash that received.
“These responses offer a fascinating insight into the attitudes that the British public hold towards pensions and retirement ages, particularly the sentiment that it is now harder to retire comfortably than ever before. It will be interesting to see if factors such as the backlash in France to the rise in the retirement age and the increasing difficulty of the cost-of-living crisis have any effect on these sentiments in the future.”
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