Retirement news
Men expect other halves to fund retirement
23 October, 2006
One in twelve British men think that their retirement income will come from their partners, according to the latest research from Zurich UK.
The findings, part of Zurich Money Matrix, a new probe into the UK’s attitudes to saving and spending, revealed a mixed picture of how the UK expects to fund retirement.
Asked about where they thought their retirement income would come from, peoples’ answers were wide ranging and included private pension, home, keep working and partner.
Interestingly, the research revealed broad gender consensus across all income sources except when it came to partner reliance, with 8 per cent men, against 14 per cent women, saying they thought their retirement income would come from their other half.
Dave Lowe, Pensions Management Director at Zurich UK, said: “Whilst it is interesting to see that a proportion of men are looking to their partners to help fund their retirement, the most encouraging finding has to be that the message about not relying on the State seems to be hitting home, particularly among the younger generation.
When it came to reliance on the State, the findings revealed that 18 per cent are expecting to have to rely on the State to fund retirement, with the under 25s being the age group least likely to pin their hopes on this option
While property and other forms of investments were also highlighted as sources of future retirement income, by just over one in ten in each case, almost half said they were looking to rely on the more traditional route of a pension, whether it be through a State, private or occupational scheme.
Lowe said: “There is a one-way trend in pensions for individuals to take more responsibility for financing their own retirement. With this certain to continue and with increased life expectancy meaning people are spending more time in retirement, it is more important than ever that people take the necessary steps to ensure they are saving adequately for their future. The first of these steps should be seeking professional financial advice.
“While property and other forms of investment are increasingly seen by many as alternatives to saving in a pension, the fact remains that the tax advantages available through pension saving schemes are second to none and should, in the vast majority of cases, form the bedrock of people’s retirement plans.”
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