People fear ‘never’ retiring

One in ten UK adults believe they will never be able to retire on their current savings plan, according to a survey that has revealed widespread financial uncertainty.

The poll, commissioned by the Institute ofFinancial Planning (IFP), found that only 19 per cent of adults are confident they are saving enough for the future, while nearly half of adults (47 per cent) reported that they do not believe they have saved enough to live comfortably in retirement, with 55 per cent of women falling into this category.

But it was the 10 per cent of people who fear they will never be able to stop working fully unless they changed their savings habits that proved most worrying, a statistic that included 12 per cent of over 55s.

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