Censuswide - on behalf of Lowell credit management company - has conducted new research on 1,000 respondents in the UK, which found that 17 per cent of the customers spoken to would consider delaying retirement for five years - with 12 per cent delaying for at least 10 years.
Of the customers over 45 years of age who were surveyed, 31 per cent said they were delaying their retirement due to debt worries and 9 per cent of customers of the same age said that they would never be able to retire.
More than one in five of those surveyed were genuinely concerned that their pension was not enough to live on – and the statistics also revealed that 8 per cent worry that they will accumulate debt because their state pension and/or workplace pension will not be enough. A further 6 per cent worried that they will not be able to support their family and another 6 per cent are concerned that they will not know - until retirement age - how much pension they will be paid.
Several misconceptions were revealed by the research:
- 13 per cent of those surveyed believe you must apply for a workplace pension - but if you meet the requirements for the new State Pension, you will be automatically enrolled.
- 12 per cent of the people surveyed believe you can access your State Pension early - but the earliest you can get your State Pension is once you reach State Pension age.
- 13 per cent believe you must apply for a workplace pension - but the regulations have changed to mean that all employers must provide a workplace pension scheme, or 'automatic enrolment' if you meet certain conditions
- 11 per cent believe that you can only retire once you get to 65 years of age.
John Pears - UK CEO of Lowell - commented:
“Lowell’s research confirms that our customers do have concerns around managing their debt and retirement. But, it’s also highlighted that there are many common misconceptions and worries surrounding retirement across the general public - indicating that our customers are not alone and that retirement fund fears are an important issue for many.”
