HALF OF BRITS LOSE SIGHT OF RETIREMENT
from Baring Asset Management (Barings) reveals that an incredible
18.7 million people (53% of the UK’s working population) have no
idea when they will be able to retire which Barings believes is
likely to be a direct result of the recession. This compares with
just 368,000 working Brits who were unsure of when they would be
able to retire in the same survey last year. The news comes as the
government announces it may scrap rules allowing employers to force
staff to retire at 65.
Particularly vulnerable are those nearing retirement who are now
facing pension shortages as result of a number of factors, notably
the recent crisis. A staggering 69% working Brits aged 65 and over
have no idea when they will be able to start their retirement. This
compares with just 3% from the same age group last year.
Another group who have become far less certain about their expected
retirement age over the past year is those aged 25 – 34. In 2008,
everyone in this age range had a specific age in mind for when they
planned to retire whilst this year, 46% are unsure of when they will
be in a position to stop working.
Increasingly fewer people expect to be able to retire at the UK
retirement age of 65, let alone take an early retirement. The number
of people looking to retire at the UK retirement age has halved
since 2008 from 40% to 20%, or 7 million people. The number of
people expecting to retire between 50 and 55 has dropped steadily
since the research began in April 2007. More than 4 million people
(9%) expected to be able to retire early in 2007, this dropped to
just 2.6 million (8%) in 2008, and a further half a million people
have given up the dream of retiring before 55 according to the
latest figures with just 2.1million (6%) planning to finish working
The research also shows that only 47% (16.447 million) of the UK
population expect to be able to retire before the age of 70. This
compares to a staggering 93% (or 32.752 million) of Britain’s
working population in 2008.
Marino Valensise, Chief Investment Officer at Barings, comments:-
“There is an urgent need for people to re-assess their pension
provisions to ensure that when the time comes to retire, their
pension pot is sufficient to support them when. We urge people to
seek financial advice to help them make suitable financial plans.
The research is also a reality check for young people to start
planning for their retirement as soon as possible. At this time in
their lives they can afford to go for a high risk / high reward
investment strategy, such as exposure to emerging markets, as they
take a long-term view. As so many people are finding now, it is too
late to build up a nest egg in your sixties and even fifties. For
people further down the line, it is vital to diversify assets, for
example using a multi-asset strategy, in order to maintain a sound
risk level but also achieve your investment objectives.”
Drink drive message hits harder with women
women’s car insurance specialist, Diamond has revealed the
anti-drink and drive message has got through to most women
motorists, but has failed to get through to quite as many men.
The study of more than 3,000 motorists has shown more than 6 out of
10 women would only feel safe to drive having consumed no alcohol at
all, compared with just 4 out of 10 men. Around a 3rd of women
would consider driving after 1 or 2 units compared to almost half of
men, and just 2% of women would risk drinking more than 2 units of
alcohol and driving their car, against 12% of men. Not a
single woman questioned would consider herself safe to drive after 5
units or more, but 1% of men said they would feel safe to get behind
the wheel of a car.
To encourage both men and women not to drink when driving, Diamond
has teamed up with Browns Bar & Brasserie to create an exciting
non-alcoholic cocktail which is free for designated drivers. The new
Diamond Fizz, a fruity and refreshing blend of elderflower, apple,
lime and ginger ale, is perfect for those who are driving.
Diamond managing director, Sian Lewis, said:- “The results
show that the anti-drink drive message does seem to have hit home
with women and most aren’t taking the risk, but with long summer
nights there is a temptation to have one drink even if you’re the
Everyone’s tolerance to alcohol depends on a range of factors and we
would rather all drivers have nothing at all to drink and that’s why
we’ve teamed up with Browns to offer the Diamond Fizz free for
Women’s choice to not drink at all when driving translates into
drink driving convictions as well. Diamond’s research also shows
that male motorists are three times more likely to have a drink
drive conviction than women.
A complimentary Diamond Fizz mocktail is available free for the
designated driver in the group with the purchase of any full price
cocktail from Browns menu. Simply download a voucher at the Diamond
Best Friends Club (www.bestfriendsclub.co.uk/specialOffers/designatedDriver.html)
or the Browns website (www.browns-restaurants.co.uk/diamondvoucher.php).