700,000 fear income shortfall in retirement

As many as 700,000 people fear that they will not have sufficient income when they stop working with an even greater number depending solely on the state pension to provide for their retirement.

The details contained in a new report released yesterday by life assurance company, Friends First further highlight the scale of the potential problem facing thousands of workers that has previously been described as a “time bomb” by industry experts.

The survey conducted on workers aged 25-35 revealed that 830,000 adults are relying on the state pension for their retirement, with fewer than one in five of those confident it will adequately provide for their retirement.