Only one in four say state pension will be main source of retirement income – half the European number
Only half think they’ll be better off in retirement than their parents
London – 10 March 2014 – A fifth of British workers (19%) expect they’ll be working until at least 70 years of age according to a new study by Nielsen, a leading global provider of information and insights into what consumers watch and buy. Overall, 44 percent expect to retire after 65 – nearly twice as many as the global average (25%).
The Nielsen Global Survey about Ageing polled more than 30,000 Internet respondents in 60 countries to evaluate their retirement expectations. The survey revealed almost half (46%) of British workers say their expected retirement age is later than when they’d like to retire.
Personal savings will be the primary source of retirement income – cited by 35% of working Britons – followed by a company retirement plan (29%). Only one in four say a state pension will be their main source of retirement income – half the European figure (49%).
E.g. 4.5% of British workers plan to retire between 40-49 years of age
Financial concerns in retirement
Only half (52%) of British workers believe they’ll be financially better equipped for retirement than their parents – significantly lower than the global average (70%).
Over half (54%) of British consumers report ‘having enough money to live comfortably’ as one of their biggest concerns or fears about growing old. However, losing mental agility and the ability to care for basic needs (both 63%) are Britons’ biggest concerns about growing old.
Nielsen senior vice president for financial services in Europe Eleni Nicholas explains: “Britons have a bleaker retirement outlook than people globally; they’re almost twice as likely to expect to be working after 65, and a third less likely to believe they’ll be financially better off than their parents. “Britons are half as likely as Europeans to rely on the state for their main source of income during retirement. This highlights a strong opportunity for financial service providers to offer products that help people in the UK build their retirement funds early on.”
Nielsen’s study also reveals that staying physically/mentally fit (83%) and spending time with family (57%) are the most important life priorities for Britons during retirement.
About the Nielsen Global Survey
The Nielsen Global Survey about Ageing was conducted between August 14 and September 6, 2013, and polled more than 30,000 consumers in 60 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America. The sample has quotas based on age and sex for each country based on their Internet users, is weighted to be representative of Internet consumers and has a maximum margin of error of ±0.6%. This Nielsen survey is based on the behaviour of respondents with online access only. Internet penetration rates vary by country. Nielsen uses a minimum reporting standard of 60-percent Internet penetration or 10M online population for survey inclusion. The Nielsen Global Survey, which includes the Global Consumer Confidence Survey, was established in 2005.
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence and mobile measurement. Nielsen has a presence in approximately 100 countries, with headquarters in New York, USA, and Diemen, the Netherlands.