This new survey reveals, among other factors, that it is now harder to retire comfortably in the UK than ever before.

A survey of more than 2,000 UK users of investment comparison site Investing Reviews shows that the clear majority – 78 per cent – think the UK retirement age should be reduced – a result that might bemuse those concerned about how an ageing population will pressure existing pension systems.

Interestingly, as tensions in France have risen over the the policy of hiking the retirement age from 62 to 64, UK sentiment regarding retirement ages doesn’t seem to differ much from the French, the firm said in a statement. The survey shows that 69 per cent of respondents believe that the UK retirement age, which currently stands at 66, should be lowered. This sentiment also comes alongside 71 per cent of respondents believing that it is harder to retire in the UK now than ever before.  

However, this seems to be easier said than done according to the survey. In fact, 63 per cent of respondents think their pension is not enough for a comfortable retirement; they think they will need additional investments alongside their pension. This view may be due to the fact that over half of respondents agree that they are unable to make as many pension contributions as they would like to, the firm said. 

When it comes to employer contributions, over a third of respondents said they would consider working in a different sector if it meant greater employer contributions. Over a third of respondents also revealed that they do not know exactly how much money is in their pension, whilst again, over a third of respondents believe they will not be able to retire comfortably in the UK.  

This difficulty of retiring comfortably in the UK and the frustration at not being able to contribute as much to their pensions as they’d like are echoed in respondents' answers to the question about retiring outside the UK. As many as 42 per cent of respondents said they would prefer to leave the UK and live abroad for their retirement, raising questions over the increasing rate of inflation and cost-of-living crisis.

These findings showing how people would like to retire earlier, but also worry about having enough money for their old age, underline the important role advisors have in framing realistic expections for their clients. More broadly, the data indicates why pensions, retirement and intergenerational justice are big political challenges. As populations age, and the ratio of retired to working-age adults shifts, tax-funded systems are likely to come under mounting pressure.

“There are endless debates to be had regarding the UK retirement age and the state of pensions, especially considering the recent rise in retirement age in France and the backlash that received," Simon Jones, the chief executive of Reviews, said. â€œThese responses offer a fascinating insight into the attitudes that the British public hold towards pensions and retirement ages, particularly the sentiment that it is now harder to retire comfortably than ever before. It will be interesting to see if factors such as the backlash in France to the rise in the retirement age and the increasing difficulty of the cost-of-living crisis have any effect on these sentiments in the future."