The IIS on Pensions and Long Term Savings found Europe’s long term savings was in a relatively healthy state but with a warning on the horizon. The picture for pensions was less encouraging, with financial comfort of retirees varying greatly, and women and young people appearing to be particularly vulnerable.
A new infographic illustrates some of the main findings on pensions.
Going up Most people in the survey who had already retired did so by age 60 but most of those who were still working expected to retire five years later at 65.
Money worries Eight percent expect to retire later because the value of their pension fund fell amid the global financial crisis and 52% are worried they won’t have enough money to retire
Women’s work Women are less prepared for retirement but have a longer life expectancy
Future focus The next generation is urged to prepare early for retirement. Sixty-one percent think that people who have not yet retired will not enjoy the same standard of living as current retirees.