Jun 5 2008
People approaching retirement around the UK are split almost down the middle in terms of their expectations for later life, it has been claimed.
According to a report from MGM Advantage, around 52 per cent of Britons are excited by the prospect of retirement, while 48 per cent are feeling apprehensive.
The nerves about ending their working lives among much of the population has been attributed to the relative lack of savings they have been able to accumulate, the financial services firm explains.
Indeed, there are millions of people who have made little attempt at saving for retirement and are facing a financial struggle in later life.
"Sheffield, Brighton, Cardiff and Plymouth are all so-called 'hotspots of low preparation', defined as being where more than 50 per cent of the pre-retired population say they're not prepared at all," a statement from MGM Advantage explained.
Figures from Fidelity International recently indicated that the average retiring Briton will face a 53 per cent reduction in income when they reach pension age.
