As part of the survey, respondents were told that the full state pension amount was £886 per month, and almost half (48 per cent) of those below state pension age said that they couldn’t live on this comfortably.
Yet, 69 per cent of those yet to retire said that they had never worked out how much they need to live on in retirement, with almost two thirds (72 per cent) of those aged 35-49 and those aged 50-69 the least likely to have worked this out.
The average monthly amount respondents said they would need in retirement was £1,216, which is 37 per cent more than the full state pension amount.
“The cost of living crisis is putting extra pressure on household budgets, but relying on the state pension alone could mean many years of making very tough choices about spending for millions of people, so the more that people can do now to provision for their retirement, the more comfortable they could be in their later years,” Pennells added.
sonia.rach@ft.com
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