UK savers aim to take earlier retirement but expect less state support new research indicates.
A survey commissioned by financial services policy specialists Cicero Consulting, shows there is also a stark divide in the expectations of working life, with over a quarter of Britons (27%) expecting to retire before 60; whilst a third (33%) acknowledge that they may have to work beyond 65 and are willing to consider flexible working patterns and state incentives.
Among the other findings the research reveals only 17% of people in the UK envisage three quarters or more of their pension coming from state provision, compared to 64% in Spain and 41% in France and Italy.
The driving factors that would make people across Europe work longer are: an enhanced state provision for those working past the normal age of retirement (47%); and the ability to do their job on a part time basis (45%), says the research.
Most respondents (72%) across the EU say they would consider extending their working life in order to get an additional pension increment. Only 11% say they would not consider this as an option.
Iain Anderson, director and chief corporate counsel at Cicero Consulting says: "The results of this research provide policymakers across the EU with important clues suggesting – given the right conditions – people are prepared to work longer in order to secure a better retirement income. As the UK awaits the publication of the Turner report – it appears UK citizens are willing to explore the idea of flexible working in retirement."
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From 6 April 2019