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Newsletter

UK adults 'cannot afford to stop working'

By Tom Farley, Tue 31 Aug 2010 - Published in Pensions

More people in the UK are feeling as though they cannot afford to stop working at the retirement age, it has been claimed.

A recent poll by Baring Asset Management found that 42 per cent of non-retired UK adults do not know at what age they will be able to give up working, while ten per cent think they will always stay in employment.

Keith Churchouse, director of Churchouse Financial Planning, suggested that a growing number of people are feeling under pressure to keep working for longer in order to build funds for their retirement.

"We are finding that a lot of people are working longer than in the past partly because they want to, so we have to bill that into the equation, and partly because they can't afford to stop," he commented.

Mr Churchouse also claimed that people should consider ways to fund their retirement other than by relying on a pension, suggesting that Isas and buy-to-let investments could be good sources of income.