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Britons 'to rely on state pension'

Britons fear that they will not have enough money to live on during retirement, with the majority expecting to rely on the state pension, a survey has revealed.

 

According to financial information group Defaqto, 44 per cent of people said they are not confident that they will have an adequate income during retirement - a six per cent increase from a year ago.

 

While 16 per cent last year admitted to being very confident that they would have enough money for a comfortable lifestyle when they stopped work, only 11 per cent felt the same 12 months later.

 

The study also concluded that the majority of people expect to rely on the state pension to provide them with an income when they retire, although this figure was down 13 per cent to 61 per cent compared to last year.

 

Meanwhile, more people expect to have to provide their own pension income, with 44 per cent revealing they would rely on money from a company pension scheme, while 30 per cent admitted they would get an income from a personal pension, compared to just 17 per cent last year.

 

Copyright © Press Association 2010

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