Men expect other halves to fund their retirement

Friday, 20 October 2006 12:00

One man in 12 expects their other half to pay for their retirement.

But the latest research from Zurich UK shows as many people are relying on a partner of either sex to provide for them (11 per cent) as are planning to keep working after 65, use their home to fund their retirement, or live off other investments they have made.

Slightly more Britons (12 per cent) are expecting their employer to look after them, while the most popular plan for retirement remains state or private pension schemes (both 18 per cent).

However, the number of people expecting the state to fund retirements becomes smaller the younger the people questioned are.

While 23 per cent of people between the ages of 55 and 64 think the state will look after them in their old age, this drops to just 11 per cent of 18 to 24-year-olds.

"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," said Dave Lowe, pensions management director at Zurich UK.

"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."

Mr Lowe was, however, less certain about the other forms of investment Britons are turning to in order to fund their retirement.

"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," he said.

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