Quarter of single people fear they will never be able to retire
Twenty four per cent of singles believe they will never be financially secure enough to retire, according to a recent survey.
40 per cent of single adults say they do not put any money aside each month towards pensions
* 35-44 year olds who are not retired are most pessimistic about their financial future
* West Midlands has the bleakest outlook on being able to retire
* LinkedIn users save more than those who use Facebook or Twitter
With the constantly rising costs of living, it is clear that many Brits are concerned about how they will ever be financially secure enough to retire. Peer-to-peer lending platform Lending Works surveyed more than 1,500 non-retired adults in the UK and made some concerning discoveries.
A spokesperson said, “There is clearly more of a worry amongst single adults that they will never be in a financial position to be able to retire.
“Some 24 per cent of single adults said they believe they would never be in a secure enough position to finish work, compared to 19 per cent of those who are married or living with their partner.
“On top of this, 40 per cent of those who were not in a relationship said they are currently unable to put any money aside each month for their future, compared to 29 per cent of those in long-term relationships, married or co-habiting. “
Aside from relationship status, the figures show that overall, one in five of those who aren’t yet retired – 22 per cent - gloomily believe that they’ll never be financially secure enough to retire.
This suggests they have visions of working until they drop, as they won’t be able to afford to stop earning money.
This pessimistic view is highest in the 35-44 year old category, with 25 per cent of them not seeing themselves as ever being financially secure enough to retire, although only 17 per cent of 18-24 year olds, who technically have more time to start saving, agree.
And countrywide, the outlook is bleakest in the West Midlands (27 per cent), perhaps due to relatively high unemployment, compared to only 19 per cent in London, where there are, theoretically, more jobs.
The spokesperson said, “The main reason, of course, that we can’t see ourselves retiring is because we can’t afford to.
“More than a third of non-retired adults – 34 per cent - don’t save a single penny towards retirement each month.
“Let’s face it, it could be that when you’ve got bills and rent to pay, you’re trying to feed yourself and your family, you’ve got to pay for your transport to work and you also want to have a social life, sparing a few pence, or pounds, for the future tends to slip far down the priority list.
“And women are guiltier of this than men, with 41 per cent of non-retired females not saving towards retirement, compared to 26 per cent of men.
“So who does manage to put a few pennies away for a rainy day? Interestingly, the survey found a correlation between retirement saving and choice of social media.
“Over half of people who use LinkedIn – which, let’s face it, is a career-focused network aimed at higher-earning professionals – contribute 3 per cent of their salary or more to their pension pot each month. This drops to 32 per cent for those who use Facebook and Twitter – who, perhaps, tend to be younger and not as well established yet in their careers – and 29 per cent for those who use Google+.
“It is clear from this research that many Brits are quite pessimistic when it comes to the future.
“It is also particularly concerning to see how many people aren’t planning adequately for their retirement, although it is perhaps somewhat understandable given the slow economic recovery and poor returns on savings currently available.
“But with a growing number of alternatives to the established avenues for saving, there are still many ways in which consumers can get on top of things, and thus leave themselves in good shape by the time they reach traditional retirement age.”
All figures, unless otherwise stated, are from YouGov Plc.
The total sample size was 2086 adults (1,577 non-retired). The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).