Retirement Poverty: A Growing Concern
Research from Scottish Widows and Fidelity International reveals that millions of workers are at risk of poverty in retirement due to longer lives and low engagement, threatening future income security.
A study by Scottish Widows, 'Retirement Realities: Unlocking The Workplace Benefits', estimates that over a third of UK workers (around 11.6 million people) are at risk of being unable to cover basic needs in retirement.
- One in five full-time employees could face poverty in later life, according to the National Retirement Forecast.
- Part-time workers who fall below the £10,000 auto-enrolment threshold are worse off, with a third (34%) at risk of not being able to cover basic needs.
Millions risk poverty in retirement, as longer lives and low engagement threaten future income security.
Author's summary: Millions of workers face retirement poverty due to low engagement and longer lives.