Research by Zurich Insurance suggests that 24 per cent of the
over-55s in the UK have not saved anything, not even one pound,
towards their retirement.
Most people say that they simply cannot afford to save for their
retirement. This is one of the reasons why compulsory
enrolment into pension schemes is being brought in by the
The Zurich study found that 59 per cent of Brits think they will
have to keep working beyond the age of 65 as their pension, plus
any savings, will not be enough to live on.
`BANK OF MUM AND DAD' IS GOING BUST
Part-time work, early retirement schemes in the public sector,
temporary or one year contracts for those still in employment and
the dismal rates of interest on savings, have all combined to
impoverish the older generation.
Many are also being asked to `bail out' their
children or provide huge deposits of over £30K to swing a mortgage
for their sons or daughters. This is taking away the ability to
save for retirement.
But many older people have also realised that if they have no
cash savings, stocks and shares and do not own property, they are
entitled to benefits - those with savings and assets are not.
As a result many are simply spending what they have, rather than
waiting for the day when they have to cash everything in just to
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is features editor of Watchmywallet.co.uk