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18-34 year olds expect to work into their 70s

4 January 2021

Younger generations expect to work beyond the age of 70, driven by a lack of retirement savings, according to Canada Life.

Over half (56%) of 18-34 year olds expect to work until they are at least 70, with a third (33%) concerned their pension savings will not be enough to fund their retirement and a further 21% not sure how long their retirement savings will need to last them.

The research found that only just over a quarter (27%) of 18-34 year olds anticipate retiring before age 70, while 14% were unsure.

Andrew Tully, technical director, Canada Life, said that despite the introduction of auto-enrolment, there continues to be a “widespread lack of engagement” around saving for retirement.

Tully said: “As we see the state pension age moving ever upwards, we will see big shifts in how people prepare for and enjoy retirement with many more remaining economically active beyond traditional retirement age. This creates a new set of challenges for retirement providers, employers and these individuals.

“Traditional lifestyle investment models will be less relevant, while employers will need to think about how they support an ageing workforce. Savers face some stark choices, accept their fate, choose to work longer, or try to save more.”

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