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\t\tPeople are at greater risk of nor having enough pension wealth to fund retirement\t<\/p>\n\t\t\tWednesday 17 September 2025 1:01 pm\n\t\t\t<\/p>\n
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\t\tPeople are at greater risk of nor having enough pension wealth to fund retirement\t<\/p>\n
Growing uncertainty over the future of the state pension and a rise in unsecured debt has sparked a worrying downturn in saving for retirement, new research has found.<\/p>\n
According to the latest retirement survey from Interactive Investor, only 44 per cent of UK savers believe the state pension<\/a> will still be in place when today\u2019s young people approach retirement.<\/p>\n In particular, one in five young people do not think the state pension will exist, while older generations are also cautious of its future, with over a third of Gen X not believing it will still be an option for younger generations.<\/p>\n Confidence in workplace pensions is also shrinking, with only a minority of savers believing it will be the main source of funding upon retirement.<\/p>\n Instead, young Brits are preparing themselves to continue working into old age, believing that will be their main source of income post retirement.<\/p>\n Craig Rickman, personal finance editor at Interactive Investor<\/a> said: \u201cFears about the state pension\u2019s future have clearly reached the ears of Millennials and Gen Z, who don\u2019t expect it to be their main source of income in retirement.<\/p>\n \u201cMany feel they will continue working\u2026we have no idea how the state pension will look down the line.\u201d<\/p>\n However, nearly 25 per cent of respondents said they would feel more empowered to save if pension rules stopped changing, giving them more clarity on how to save effectively.<\/p>\n Cost of living and unsecured debt<\/p>\n Rising living costs have caused both short and long-term financial issues, forcing people to shift their focus to other priorities, such as paying rent over adding to their pension pot.<\/p>\n However, increased costs have also led to more people relying on unsecured debt, making saving for retirement increasingly difficult, with 43 per cent of respondents admitting having debt, up from 39 per cent two years ago.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tBrits risk financial future as they fail to save for retirement<\/a><\/p>\n For those in retirement, 26 per cent admitted being weighed down by debt<\/a>, averaging \u00a31,750, due to struggling to afford their lifestyle.<\/p>\n Rickman said: \u201cThe trend of rising unsecured debt \u2026paints a rather concerning picture, especially since it\u2019s\u00a0 become more expensive to borrow money in the past few years.<\/p>\n \u201cFor those still working, having unsecured debt means reduced scope to build retirement savings and improve future financial security, while retirees will have less of their income to spend on doing things that they enjoy.\u201d<\/p>\n Gender gap persists<\/p>\n Despite progress from the government and industry figures in closing the gender pension gap, many women are still struggling to build significant wealth.<\/p>\n According to the survey, women have lower pension wealth than men, holding an average \u00a317,500 compared to \u00a337,500 for men, while only 18 per cent have more than \u00a3100,000 in a workplace pension.<\/p>\n This staggering gap has led to women lowering their financial expectations for retirement.<\/p>\n