UK Lags Behind Europe in Readiness for Old Age
LONDON, December 1, 2016 /PRNewswire/ --
Research shows old age is seen as a problem, worries about healthcare and social services and people not prioritising or doing enough to prepare for their own retirement.
Research conducted by Chase de Vere, the national firm of independent financial advisers, paints a depressing picture of increasing longevity in the UK.
This research looks at society's attitude to longevity, people's aspirations and concerns for living longer and the steps they've taken to address these. We then compared the results with similar research undertaken in Germany, France, Switzerland and Austria.
Research highlights:
- Increasing longevity is viewed more as a problem than a benefit to society. In the UK, 44% of people under age 65 and 50% of those over 65 classified it as a problem, compared with 31% and 28% respectively who said it was a benefit.
- There are huge concerns that the UK isn't prepared to cope with increasing demands on healthcare systems, with 71% of those aged under 65 worried about this and 81% over 65. This compares with only 46% and 48% respectively in Europe.
- The need for a change in attitudes toward the elderly was given far greater significance in the UK than in Europe, with 54% of over 65s highlighting this issue compared with just 30% in Europe.
- Only 30% of those in the UK aged under 65 said having economic resources is important, compared with 58% in Europe.
- However, 39% of those in this category want to retire from work as soon as possible. Only 19% want to continue working full time in their current jobs past the State pension age. The reality is that far more may be forced to do so.
- Europeans focused more on undertaking activities, travelling and being financially independent in retirement. Worryingly only 19% of UK respondents under 65 were looking forward to being financial independent in retirement.
- Europeans also focused more on taking the steps needed to be better equipped to enjoy a longer life. This includes being healthy, investing savings and developing relationships and social connections.
Patrick Connolly, Certified Financial Planner, Chase de Vere, says:
"Our research paints a rather sorry picture of increasing longevity in UK. We see people living longer as a problem for society, with particular concerns about the sustainability of healthcare and social services. There is also far greater recognition of the need for a change in attitudes toward the elderly in the UK than there is in Europe. Individuals seem to desire a long retirement but aren't taking the steps to retire when they want and have no real plans to enjoy their retirement when they do actually get there. In too many respects we are lagging too far behind our European counterparts.
"The message should be very clear. We are likely to live for longer and so if we want to enjoy the benefits of an extended life we need to plan ahead. While it is imperative to keep both physically and mentally active, we should also be planning financially to ensure that we are more able to retire on our own terms and to live the life we want as we get older."
To obtain a copy of the full research document - Longevity and Retirement Research: A European comparison - please contact Patrick Connolly at patrick.connolly@chasedevere.co.uk or on +44(0)1225-368-176.
Patrick is available for television and radio broadcasts.
Notes on Chase de Vere
Chase de Vere is a national firm of independent financial and corporate advisers with 13 offices across the UK. They provide independent financial advice and planning services for private individuals and businesses. Chase de Vere has established a reputation for expertise, independence and service over more than four decades.
The Company is backed by Swiss Life, one of Europe's leading life assurance companies. This level of financial backing means that Chase de Vere is well placed to adapt to changes in the financial advice arena in the coming years.
Chase de Vere aims to be the leading firm of Independent Financial and Corporate Advisers in the UK.
Chase de Vere has offices in Basingstoke, Bath, Birmingham, Cambridge, Cardiff, Chester, Glasgow, Leeds, Leicester, London, Manchester, Preston and Tyne & Wear.
Contacts:
Patrick Connolly, Head of Communications, Patrick.connolly@chasedevere.co.uk, +44(0)1225-368-176, +44(0)7738-502246
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