A recent study by Aon Consulting has found that over half of Europeans feel they will have to delay their retirement because of the current economic climate. The research was conducted across ten of Europe’s leading economies with over 7,500 workers surveyed.
Outlook Across Europe
The most pessimistic of workers were found in France and Germany, with 74% and 73% respectively considering extending their working life. The Irish, Swiss and British followed close behind each with over 60% of the population believing they will have to continue working beyond their initial retirement plans.
Looking in more detail at the current economic climate and the fragility of our respective economies being the reason for delaying retirement it is the British who have the darkest outlook with 90% of respondents thinking they will need to delay their retirement plans by at least two years.
Differences of Opinion – Gender
Looking at the differences in responses from the genders it was interesting to see it is the female workers who are more likely to claim they will have to look to delay retirement. Aon believe this could well be attributed to the fact that women are more likely to have a lower pension pot due to either working part-time work or simply spending less time in the workforce.
These are difficult times for us all and with the release this week of the emergency budgets and the actions that are being taken it is important we as a country work hard to reduce our deficit and ensure we remove this risk of a double dip recession.
Tightening Your Belt
We are all looking at ways to save on our monthly outgoings, if you are yet to review your existing personal insurance arrangements then please do not hesitate to get in touch. We have helped many tighten their purse strings by ensuring they are getting the most competitive rates on the personal protection whether that be health cover, life insurance or income protection.
