UK adults facing huge retirement shortfallNews added by Benefits Pro on May 17, 2013

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By Paula Aven Gladych

Like many Americans, adults in the United Kingdom are in denial about what they need to save for retirement.

A new survey by the Equity Release Council found that 65 percent of the U.K. population struggles with saving. Thirty percent of those surveyed say they are hassled and overstretched, 19 percent are in denial and 16 percent are lost and confused about the steps they need to take.

Only 16 percent showed signs of being savvy by taking a conscientious approach to saving for retirement. Another 19 percent are cautious optimists who appreciate the need for action and are confident they still have time to prepare.

According to the Office for National Statistics, while 76 percent of U.K. households currently save into a pension, the amount of savings needed to fund a regular retirement income has grown substantially since December 2009.

The Council research also found that 8 percent of U.K. adults believe they will eventually have to sell their homes because they won’t be able to afford them in retirement, and with rising housing prices and tight lending criteria continuing to limit access to property ownership, 18 percent doubt they will even own their own homes by the time they retire.

Another 32 percent of respondents see their homes as a potential financial asset in retirement in case they need to tap equity to boost their savings.

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