Cost of living concerns regarding retirement

As financial pressures on UK employees continue to grow, new research shows 8 in 10 (83%) employees are concerned that the cost-of-living crisis will mean they will have to work longer before retiring to make up for a shortfall in savings.

The figures from WEALTH at work also reveal one in three (33%) people think they won’t ever be able to afford to retire due to increasing costs. This is despite the success of auto enrolment, which launched over a decade ago.

Whilst more than one in ten (13%) have either stopped or reduced the amount they pay into their pension due to rising costs, worryingly, almost three in ten (29%), admit they may consider stopping payments in the future. This will be of particular concern especially when lower fixed rate mortgage deals come to an end and if inflation doesn’t come down as quickly as initially thought.

Aston spoke to Jonathan Watts-Lay from WEALTH at work.

Photo by Colin Watts on Unsplash