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Singles believe they will never retire

In Money by Salutions


24% of singles believe they will never be financially secure enough to retire

With the constantly rising costs of living, it is clear that many Brits are concerned they will never be financially secure enough to retire. Peer-to-peer lending platform Lending Works surveyed over 1,500 non-retired adults in the UK (YouGov), and made some concerning discoveries.

There is a worry amongst single adults that they will never be in a financial position to be able to retire. 24% of single adults said they believe they would never be in a secure enough position to finish work, compared to 19% of those who are married or living with their partner. On top of this, 40% of those who were not in relationship said that they are currently unable to put any money aside each month for their future, compared to 29% of those in long-term relationships, (married or co-habiting).

Aside from relationship status, the figures show that overall, 1 in 5 of those who aren’t yet retired, 22%, 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% of them not seeing themselves as ever being financially secure enough to retire, although only 17% of 18-24 year olds, who technically have more time to start saving, agree.

Countrywide, the outlook is bleakest in the West Midlands (27%), perhaps due to relatively high unemployment, compared to only 19% in London, where there are more jobs.

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 is a career-focused network aimed at higher-earning professionals, contribute 3% of their salary or more to their pension pot each month. This drops to 32% for those who use Facebook and Twitter, who perhaps tend to be younger and not as well established yet in their careers.

Nick Harding, CEO and co-founder of Lending Works said: “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.”