According to Barings, "the results of this year’s survey are in stark contrast to the results from before the financial crisis in 2008. Back then, 100% of non-retired respondents were confident that they would retire, with only 1% saying that they did not know at what age they
would be able to do so."
The survey also finds that of those that plan to retire over the age of 65, 65% are men and 35% are women, suggesting that proportionally men are likely to retire later.
Marino Valensise, Chief Investment Officer at Baring Asset Management commented:
Particularly concerning is the fact that such a huge proportion of people aged 55 – 64 do not know when they will be able to retire. It is likely that these people will have suffered pension losses in recent years due to the financial crisis and therefore need to work longer to recoup funds. With a high number of younger people also failing to save, it is essential that the benefits of a pension are understood to avoid further generations of pension poverty. While financial demands extend beyond saving for retirement, starting to build a pension early in your working life is absolutely key to ensuring a comfortable retirement.Source: Baring Assest Management Press Release (August 16, 2012)