Four in ten (40%) of over 2,000 adults from around the UK surveyed by Continuum said they expect to need to work during retirement to supplement their income. Only a third (32%) said they are sure they will not need to continue to work.
Younger Brits were more likely to expect to keep working into their retirement years with 58% of 35 to 44 year-olds and 57% of those between the age of 44 and 54 saying they expect to need to keep working, in comparison to just 25% of those over the age of 55.
Relationship status had a strong correlation to whether Brits expected to need to keep working in retirement. Couples who were co-habiting but unmarried were the most likely to need to continue to work into retirement (52%), closely followed by those who are separated or divorced (43%) or single (43%). Just 35% of married Brits expected to continue to work, and a quarter (25%) of those who have been widowed.
Brits with children were also more likely to expect to need to keep working to supplement their income in retirement. Those with three or more children were most likely to need to keep working, with 62% expecting to need to supplement their retirement income. Those with one (58%) or two (53%) children were also more likely to need to keep working into their retirement years in comparison to just a third (33%) of those who are childless.
One reason why Brits expect to need to supplement their retirement income is due to wanting to maintain their current lifestyle after retirement.
Over eight in ten (81%) of Brits said maintaining their current lifestyle in retirement is important to them. It was particularly important to female respondents (84%) who were more likely to find it important to maintain their current lifestyle than their male counterparts (71%).
Sandy Pabial, Chartered Financial Planner at Continuum, said: “It is clear that maintaining their current lifestyle is very important to savers when thinking about their retirement, but it would seem that they do not have the confidence that they will be able to achieve this on their retirement savings alone.
“A good independent financial adviser can not only help savers make the most of the opportunities they are offered in terms of workplace pensions and tax relief, they can also help savers gain the confidence needed to ensure their retirement dreams become reality.
“Our research showed that only 5% of 34 to 44 year-olds have sought advice from a financial adviser about their preparation for retirement. When you are in your 20s and 30s, retirement may seem like a lifetime away, but it is important to start planning and saving as early as you can. Pensions are designed as a long-term investment, the earlier you start saving the more time your investments have to grow. By waiting to take professional financial advice until retirement is just around the corner savers will have missed many opportunities to boost their savings and may find they have to make lifestyle compromises in retirement as a result.”
When asked about their main financial concerns for retirement, maintaining the current lifestyle was the biggest concern for Brits in all regions apart from Northern Ireland (see below chart).
What are your biggest financial concerns for retirement?
| North | Midlands | East | London | South | Wales | Scotland | Northern Ireland | |
| Outliving my savings | 22% | 18% | 15% | 25% | 20% | 7% | 17% | 11% |
| Healthcare costs | 10% | 12% | 13% | 10% | 14% | 21% | 6% | 21% |
| Not being able to maintain current lifestyle | 32% | 32% | 37% | 32% | 29% | 37% | 34% | 8% |
| Supporting family members | 7% | 8% | 10% | 8% | 12% | 5% | 3% | 2% |
| No concerns | 14% | 18% | 14% | 12% | 14% | 15% | 15% | 25% |
Source: Survey of 2067 adults by YouGov on behalf of Continuum.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2067 adults. Fieldwork was undertaken between 28th – 30th June 2024. The survey was carried out online on behalf of Continuum. The figures have been weighted and are representative of all UK adults (aged 18+).
