News Releases
Financial pressures forcing retirement rethinking
12/07/2010
Financial pressures have forced two thirds of people in the UK to delay their retirement, with new cars and house moves also badly affected.
According to new research from Skipton Financial Services, strain on finances has forced 21% to delay retirement plans indefinitely and keep working, with another 45% having to postpone their retirement date. In addition to this:
- New car sales have also been badly hit with 23% hoping to buy a new car ditching the idea and an additional 50% delaying the purchase (73% in total)
- 24% of people surveyed who were planning to move house have cancelled the idea due to financial pressures, with a further 45% postponing it (69%);
- 17% have cancelled home improvements, with a further 47% delaying their plans (64%);
- 22% have scrapped a foreign holiday this year with a further 36% delaying their overseas break (58%);
- Brides to be will be disappointed as 17% said they had cancelled their wedding due to financial pressure, with a further 41% postponing the big day (58%).
Regionally, those whose retirement plans have been most affected are those living in the South West, with 20% scrapping their retirement plans and 51% being forced to delay their retirement date. 43% of those living in London also said that they had been forced to delay retirement plans, plus an extra 20% delaying their retirement indefinitely.
Andrew Barker, chief operating officer at Skipton Financial Services, commented, "The triple whammy of low returns on savings accounts, pay freezes and job uncertainty means that many people are being forced to reassess things they had planned to do, due to a lack of cash at the end of each month once all outgoings have been covered. With interest rates set to stay at a low level for the foreseeable future and unemployment set to rise, this is a trend that looks certain to continue. It is particularly worrying that 66% of those surveyed who were planning retirement, have had to delay their plans, many indefinitely, when they have worked hard all their lives to enjoy their retirement years.”
Skipton Financial Services can be contacted on 0800 731 5345.
ENDS
For further information, please contact:
Matthew Cox, communications and PR manager, Skipton Financial Services
01756 694602 – 07870 230495 – matthew.cox@skiptonfs.co.uk
Editor’s notes
All figures quoted from a survey of 3,000 UK adults done for Skipton Financial Services by OnePoll.com from 28 to 29 June 2010.
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