Attitudes to Retirement
The project was to measure attitudes towards retirement among those nearing/entering retirement (40+) in Scotland.
Methods
We conducted an online survey with a sample of 1,943 40+ Scottish residents, covering those in work or out of work for any reason. To ensure coverage, this was split between 585 respondents 40-49, 582 respondents 50+ in work, and 776 respondents 50+ out of work.
Key Findings
Pension savings (not including equity in property):
- 33% of people aged 40-49 have less than £10,000 in pension savings
- 27% of people aged 50 and above have less than £10,000 in pension saving
Desired versus expectant retirement age:
- 64% of people aged between 40-49 want to retire between 55-64 ( 31% want to retire between 55-59 and 33% want to retire between 60-64)
- 61% of people aged 40-49 think they will be over the age of 65 when they retire (33% think they will retire between 65-69 and 28% think they will be over 70 when they retire)
- 55% of people over 50 want to retire between 60-69 (36% between 60-64 and 19% between 65-69)
- 62% of people over 50 think they will be over 65 when they retire (45% between 65-69 and 17% believe they will be over 70 when they retire)
Attitudes to work (those not in work)
- People aged between 40-49: 49% said they would like to return to work,
- People aged over 50: 13% said they would like to return to work,
Barriers preventing people from returning to work or increasing work hours:
- People aged 40-49: lack of opportunities (39%), ill health (37%), and lack of flexible working arrangements (29%)
- People aged over 50: discrimination against older applicants (48%), lack of opportunities (39%) and lack of flexible working arrangements (35%)
Press coverage
The Times: One in seven over-40s have no retirement savings (thetimes.com)
The Scotsman: Three out of four Scots on the brink of retirement feel unprepared – this is why (scotsman.com)
Scottish Financial News: Phoenix: Three quarters of Scots approaching retirement age feeling unprepared | Scottish Financial News
Scottish Business News: Three quarters of Scots are approaching retirement age feeling unprepared – Scottish Business News
Pensions Age: 1.5 million Scots feeling unprepared for retirement – Pensions Age Magazine
Ft Adviser: ‘Worrying’ level of undersaving in Scots aged over 40 – FTAdviser
Key research methods used for this project
- Primary Research
- Questionnaire Design
- Quantitative
- Sampling
- Data visualisations
- Presentation
