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Millions suffering from ‘pensionitis’

Millions suffering from ‘pensionitis’

Category: Retirement

Updated: 01/05/2013
First Published: 01/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A worrying number of people aged 55 and over have absolutely no plans in place for when they eventually retire, a new study has revealed.

According to the Money Advice Service (MAS), four in ten people expect to carry on working for as long as possible, whilst 8% don't see themselves ever fully retiring.

Such attitudes have led to the MAS claiming that 'pensionitis', defined as a fear or apathy regarding retirement, is sweeping the nation.

It isn't only people approaching retirement age who face financial struggles. Around 30% of those questioned admitted to burying their heads in the sand when it came to pensions and retirement planning. A massive 60% claimed they did not understand the subject of pensions at all.

Over half (55%) are not aware of the tax benefits of owning a pension, whilst 36% of UK adults were not familiar with the term 'annuity'.

Jackie Spencer, retirement and pension expert at the MAS, said: "Retirement is inevitable, so how you plan to fund it is just too important to ignore.

"Its really concerning that more than one in ten over 55s who aren't retired have not thought about how they will fund their retirement and worrying that so many people are succumbing to Pensionitis."

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