One in five workers worry they will never afford to fully retire

A report out from HSBC last week called The Future of Retirement found that almost one in five UK workers feel they will never be able to afford to retire fully.

The survey is conducted by HSBC globally and covers 16,000 people in 15 countries. 1,050 respondents from the UK were surveyed.

39 per cent of retired people in the UK said they had not adequately prepared financially for a comfortable retirement, 35 per cent of these realising only after retiring.

44 per cent of Brits stated they will never be in a position to make up their retirement shortfall and just two per cent in the UK who were underprepared for retirement said they would have to go back to work.

Just 7 per cent of Brits plan to start a business in retirement showing less entrepreneurial spirit than the 27 per cent of global respondents who plan to do the same.

HSBC head of wealth management Christine Foyster says: “People want to slow down in later life and, while some welcome the chance to stay economically active, many may not.

“Today’s workers should prepare for retirement as early as possible to have some certainty for retirement. Life is full of reasons to prioritise short term spending over longer term planning, but the sooner people start saving, the less likely they will have to rely on working in old age.”