Rising number of workers fear they will never retire

The number of people in full-time employment who believe they will never be able to retire has risen in the past year, according to the latest statistics.

A total of 39% of workers think they will never be able to afford to stop working, according to financial wellbeing and retirement specialist WEALTH at work – up from 33% a year ago.

People aged 35 to 44 are most likely to agree, with 46% of workers in this age group agreeing.

Of respondents, 32% will look to delay retirement due to rising costs, up from 21% last year. A total of 81% fear they will be less comfortable in retirement due to a savings shortfall, with the same percentage being concerned that they will have to work longer to make up for this.

The survey uncovered widespread concern around financial advice, with 41% saying they do not feel supported in the workplace when it comes to understanding their finances; 54% would seek pension guidance from unqualified people such as family and friends, or from no one at all. Only 14% would speak to their employer.

Most people aged 35 to 44 “will not have benefited from a full working life of automatic enrolment and are less likely to reach retirement with generous defined benefit or final salary pensions than some older generations”, said WEALTH at work director Jonathan Watts-Lay.

“Pre auto-enrolment, many in this age group may not have saved into pensions at all, therefore missing a number of years of contributions and growth on those contributions.”