Scottish Widows: Pensioners outnumber children

Commenting on ONS figures showing pensioners outnumber children, Ian Naismith, head of pensions market development at Scottish Widows said: “As the number of people over traditional retirement ages continues to increase, the Government simply can't afford to fund our retirement from age 60 or 65. As a nation, we're going to have to work longer and save more. The age when we can start to receive the State Pension is increasing to 68 over the next 40 years, but people still expect to retire in their early 60s, if not before. The Scottish Widows UK Pension Report revealed that most will be angry if they have to work beyond age 66. If we're to achieve our aspirations, we need to make sacrifices while we're younger to prepare for our old age. Scottish Widows recommends that everyone over age 30 should be putting aside at least £1 of every £8 they earn for their retirement.”