Our survey said….

News posted

17th May 2012

Three quarters of people are in favour of bringing the State Pension Age for men and women into line.

And two thirds of people believe everyone should take responsibility for funding their own retirement.

The results were revealed in a survey carried out by Retirement Villages Ltd in its monthly e-newsletter, distributed to its national database.

The focus was the State Pension Age, set to be increased to 66 for men and women by 2020.

While a fifth of respondents retired before hitting the State Pension Age, more than 40% said they either did or do expect to work at least part time beyond that age.

Exactly half of those who responded thought the pension age should lie between 60 and 65 while a fifth thought the government’s move to increase the pensionable age to 66 by 2020 was right. One tenth were in favour of an increase to at least 70.

There was overwhelming support for the pension age of men and women being brought into line; more than three quarters of respondents agreed.

A quarter recognised the financial burden on the government of providing a state pension as a result of increasing life expectancy believing the indefinite continuation of the State Pension is unrealistic.

While two thirds felt it was up to the individual to take responsibility for funding their own retirement, one in 10 believed the State would support them financially.

More than four in 10 people were confident they have the necessary finances in place to see them through retirement while, on the flip side, a third were worried about their retirement fund running out.

Sales and Marketing Director Sarah Burgess said: “Surveys like this provide an interesting snapshot of people’s expectations. For a long time it was assumed the government would look after people as they aged but there is a growing awareness, as our survey reveals, that this is no longer realistic and people’s futures are in their own hands.”