Britons 'Not Saving Enough For Retirement'

Many British over-65s are being forced to continue work due to their lack of savings, Zurich has said.

A study from the insurance firm, released today, shows that a total of 64 percent of people are set to carry on working after the official retirement age. Moreover, almost a third (31 percent) also said that they expect to be forced back into employment after their retirement due to not deriving enough of an income from their savings.

More generally, Britons were found not only to be saving insufficiently, but also to be exhibiting a lack of knowledge about how best to make their savings grow: a total of 74 percent confessed to Zurich that they had "never" sought out guidance on retirement planning, a figure which increased to 94 percent of 25 to 34-year-olds.

Similarly, many showed a striking lack of realism regarding their putative income, with 52 percent telling the insurer that they expected to go on holiday twice a year after they stopped work.

Tony Solomon, business development director at Zurich, commented: "There is real need to alert people to the importance of planning for their retirement from an early age.

"If we fail to address this issue, there is a real danger that for those already enjoying their retirement, may be last generation to experience the financial freedom of a carefree retirement spent living off the children's inheritance."