Pensionless Brits

“Never put off until tomorrow what you can do today.” How often over your life have you seen or heard this mantra? Probably more than you’d care to remember.

And the reason, perhaps, we don’t like to be reminded is that it makes us wince to think of the number of times we have done the opposite and put things off.

One of the things we appear to have been putting off is making sufficient financial provision for our life after work. Indeed, a survey conducted on behalf of Scottish Friendly has found that millions of Brits may have to live off the basic state pension to see them through their later years.

The research revealed a third of non-retired adults will ONLY have a state pension and no other pension plans once they stop working – if they are able to stop.

Seventy-right per cent admit they may have to keep working beyond retirement age if they are to cope financially.

And a third of all those polled are absolutely certain they will NEVER have enough to money to fully retire.

The research helps show how important it is that we think about the future and how we’ll manage once we retire.

Many people in the survey said they expect to keep on working well past state pension age. This may be partly by choice but much is likely to be due to people not having enough of a retirement fund so the sooner you are able to put money aside, the better.

Scottish Friendly’s research shows seventy per cent of people with just a state pension believe they will solely depend on it to get by if they stop working.

But a quarter of those on a state pension expect to carry on working beyond retirement to get by and 24 per cent plan to sell their home and downsize to make ends meet.

And some believe they might even resort to borrowing from their children to get them through old age.

Sixty-nine per cent of those polled said they are worried about how secure the state pension is and whether it will actually be available when it is supposed to be due.

The survey also found 30 per cent of non-retired Brits have a personal pension, while 37 per cent have a work pension.

Half of those with a personal pension have no idea how much they have paid into their plan to date – but typically pay around seven per cent of their monthly salary into it.

Our survey reveals that when it comes to life after work, there’s a lot of confusion. Of those with a work or personal pension, 72 per cent admit they don’t know how much money they will have access to upon retirement while 44 per cent admit they are not paying enough into their work or personal pension plans.

Eight in ten admit they don’t know how much money they would need to put aside each month in order to have a comfortable retirement.

Forty-three per cent of adults without a personal pension plan said they can’t afford to have one, while a quarter simply haven’t gotten round to setting one up.

Of those that think they will have the funds to retire, a quarter think they will be beyond the state pension age once they have enough money.

Why not check out how well versed you are about your pension arrangements with our quick quiz.

Don’t forget, it may not be too late to start making arrangements for life after work and there are many places you can get help. A good starting point is to find out how much state pension you’re likely to get based on your national insurance contributions to date. Visit

And if you’re over 50 and have a workplace or personal pension, Pensionwise can help you make sense of your options.

Go on! Act today!

Research conducted by OnePoll among 2,000 adults not currently retired between 26-28 July 2017.

The information provided in this article was accurate at the time of publishing and should be read in the context of the date it was published. Views in this article are those of the author alone and do not necessarily represent the view of Scottish Friendly. No advice has been provided by Scottish Friendly. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting Advisers may charge for providing such advice and should confirm any cost beforehand.