For those who plan to continue working past state pension age, almost half (49 per cent) cite inability to afford retirement as the reason to continue working.
Despite these concerns, there still seems to be low levels of awareness around the complexities of planning for retirement.
When asked about saving for retirement, a quarter (25 per cent) of UK working adults aged 18 to 65 said a lack of understanding of pensions/saving products was a concern while just over one in five (21 per cent) feared not having access to compensation if things go wrong with their provider.
Unsurprisingly, only 37 per cent feel confident about planning for their retirement.
“We often see claims where customers have lost money in their pensions and witness the harm that occurs, especially if losses come at a time when people are less able to recoup their money, for example, when they have already retired or are close to retirement,” Pleban added.
“That’s why at FSCS we are committed to helping to empower and educate consumers, so they feel confident and well-informed about the decisions they make when it comes to their money.”
sonia.rach@ft.com
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