Future retirees could be hurtling towards “quite a severe” retirement crisis as the cost of living crisis continues to leave people feeling squeezed, according to Craig Rickman, head of personal finance at Interactive Investor.
FT Adviser sat down with Rickman in the wake of Interactive Investor’s Great British Retirement survey.
The report revealed widespread nervousness about the UK pension system with both young and older workers uncertain about retirement.
As well as a rise in the number of retirees struggling with unsecured debt.
“The shift from defined benefit schemes to defined contribution.. means people need to play a more engaged role in their savings.
“They need to pay more attention to what they are paying in. They need to pay more attention to what they are investing in.
“These things need to be addressed,” Rickman warned.
Click the image above to hear about what the future could look like for future retirees if challenges around pension engagement are not addressed.
alina.khan@ft.com
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