A recent survey has revealed a daunting number of workers in the UK have no retirement plan in place. It comes after 11.7 million employees took Furlough leave during lockdown at a cost of £70 billion.
But, the easing of restrictions has provided the economy and most of the industry to recoup their financial positions. A recent survey of 1,000 people carried out by Opinium on behalf of Hargreaves Lansdown revealed that over one-third (34 per cent) of people aged 45-54 have no plans in place for their remaining working years.
Meanwhile, around a quarter of those aged 25-34 and 35-44 have no plans for working between the age of 50 and reaching retirement, as reported by Manchester Evening News. Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown: “These findings point to a worrying lack of planning among those closest to retirement on how they plan to spend their remaining working years. The pandemic may well have played a part in this with the economic upheaval potentially causing chaos for people’s retirement planning with many older workers retiring early after being made redundant."
