of Brits fear cost of living crisis will impact retirement according to our new survey
Craig Rickman
Staff writer
12.07.2022
2min read
If you’re concerned the ongoing cost of living crisis is jeopardising your retirement plans, you’re not alone.
Research commissioned by unbiased.co.uk found that 75% of over 50s are worried the price rises will impact their retirement, with one in two (53%) fearing they won’t have enough income to survive financially once they stop working.
Effect of rising cost of living on over 50s
Hit hard by the cost of heating
and food
Borrowing to
pay bills
Forced to dip into savings
Hit hard by the cost of heating
and food
Borrowing to pay bills
Forced to dip into savings
As a result, thousands say they are being forced to shelve current retirement plans, with 61% planning to work for longer. Of those who were intending to retire in the next three to six months, a quarter (25%) have now decided to continue working to counter rising prices.
“Burying your head in the sand will only make things worse as retirement planning takes time and it is better to act now,” says Karen Barrett, Founder and CEO of Unbiased.
The survey also found that
63% of Brits have no idea what a pension pot should look like when it comes to funding the kind of retirement they’d like, while
71% feel it will be hard to retire before the age of
66. The good news is planning your retirement is not something you have to do alone.
“Now is the time to find an expert financial adviser so that you can make the right decisions when it comes to your retirement. Also try our calculator tool to work out how much money you can expect from your pension pot when you retire,” says Karen.
* This research of 1,000 UK based Britons aged 50 and over was commissioned by Unbiased and conducted by Perspectus Global during April 2022.
Sign up to emails now
Get the inside track on how to keep more money in your pocket
“Now is the time to find an expert financial adviser so that you can make the right decisions when it comes to your retirement. Also try our calculator tool to work out how much money you can expect from your pension pot when you retire,” says Karen.
