The Great British Retirement survey is in its fifth year. And what a five years! We're now in the middle of a punishing cost-of living crisis, with inflation eroding the value of our savings and pension wealth.
This year, our research reveals how increasing financial pressure is hitting our retirement plans, and how many of us are making sacrifices to help the next generation. I would like to say a big thank you to all those who have filled in the survey and shared their experiences so powerfully with us.
Top Findings
- One in 5 people under age 40 expect their state pension age to be 75 or over.
- A rising tide of unsecured debt is hitting 39% of UK adults, and it’s impacting retirement contributions.
- Self-employed pension crisis - three quarters (76%) of the self-employed are paying nothing into a pension, and 38% don’t have a pension at all.
- 67% of women aged 41-55 believe they will never retire.
- We are talking more. Over half (52%) of the nation say they openly talk with family about retirement and savings, up from 47% last year. More people are talking to friends, too.
Read more about pensions
Learn how to make the most out of your SIPP (Self Invested Personal Pension).
Pensions and retirement news
Important information: A SIPP is for those wanting to make their own investment decisions when saving for retirement. As investment values can go down as well as up, the amount you retire with could be worth less than you invested. Usually, you won’t be able to withdraw your money until age 55 (57 from 2028). Before transferring your pension, check if you’ll be charged any exit fees and make sure you don't lose any valuable benefits such as guaranteed annuity rates, lower protected pension age or matching employer contributions. If you’re unsure about opening a SIPP or transferring your pension(s), please speak to an authorised financial adviser.