At 14%, or one in seven, of respondents, the asset manager said this represents the same number of non-retired people who said they would not retire as last year – the highest since the survey began in 2008.
In addition, just over a third (34%) of respondents said they do not know when they will retire – this is equivalent to around 12 million people. For those over 65, Barings said the results look bleak, with 30% saying they are unsure when they will retire, this compares to 18% in 2013, 15% in 2012 and 15% in 2011.
Barings added that, overall, the average age people say they plan to retire is 63 years old – though for people aged 25-34 years old, the expected age is 61. For people over 65 who have yet to retire, this year’s survey found that their expected retirement age is 70.
Rod Aldridge, head of UK wholesale distribution at Barings, said: “It is apparent that retirement planning, especially among the over 65s, has become increasingly unpredictable over the last few years.
“In light of the recent changes to the pensions system, the concern is that this age group may have to compensate for insufficient pension provision and financial planning. What’s more, with the increasing longevity of the British population, such problems may become a growing trend.”
Worryingly, the research also revealed a third of people have no pension. This figure has remained largely the same since the annual survey was carried out in 2008 when it stood at 35%. Regionally, the survey also found that the North West had the highest proportion of people with no form of pension (41%); London was found to have the highest proportion of people with a pension (71%).
While the number of men with no pension has steadily declined, from 30% in 2008 to 25% in 2014, the number of women has risen, to 41% from 39% in 2013. The difference between men and women in this year’s survey – 16 percentage points – illustrates a growing gender gap regarding pension provision. In 2008, when the annual survey was first carried out, the difference between men and women stood at just 9 percentage points.
Aldridge added: “We are concerned that so many people who should have plans in place say they do not have a pension.
“This confirms the need to focus on effective retirement planning. We urge everyone to seek a better understanding of the benefits they can get from planning ahead and, especially to think about retirement provision early.”
