Many workers in their forties and fifties may never be able to afford to retire after missing out on generous pensions and still having to support their children.
Some 24 per cent of all workers think they won’t be able to afford to stop working (28 per cent of women and 19 per cent of men), according to research by the consultancy Apella Advisors — but that figure grows to 34 per cent among those aged 40 to 54.
Apella surveyed 2,000 adults in December and found that a further 19 per cent of those aged 40 to 54 believed they would only be able to retire in their seventies.
James Baxter from the investment firm Tideway Wealth said: “It should be no surprise that 40 to 54-year-olds feel they have less capacity to save than those under 30. The spending pressure on Generation X, with many supporting families of children and younger adults, is probably at its peak.
“Building retirement savings is rarely a smooth process. Savers should take advantage of any spare cash as it becomes available. It can be available for couples before children arrive or much later in life when children are financially independent and spending pressure declines.”
Read the full article at The Times.