Brits not sure they’ll have enough to live on as pensioners

Over a third of people surveyed by Which? Money aren’t sure they’ll have enough to live on when they retire, compared to just 12 per cent who are very confident they can look forward to a comfortable retirement.

There is a gap of around £12,000 a year between the amount people want to live on in retirement and what the basic state pension will provide, Which? Money warns.

On average people expect they’ll need £312 a week after tax for a comfortable retirement. The basic state pension is currently only £84.25 a week.

While some people will get other income - for example from a partner – most are likely to need to make other savings to bridge the gap. Worryingly, more than a third of people surveyed aren’t currently saving for their retirement using pension schemes, savings and investments or property.

Martyn Hocking, Editor, Which? Money, says: “It is worrying that one in three people aren’t sure they’ll have enough to live on when they get older. There’s a huge difference between the amount of income people want to have in retirement and the amount they’ll get from the Government.

"The basic rule is that you should start saving for your retirement as early as you can - the longer you leave it, the more you will need to save.”