The collapse of the UK pension system: an uncertain financial future amid soaring living costs
The results of a new study on the pension system in the UK, describing the challenges of this sector in the future, highlighted the need for a comprehensive review to prevent a financially unstable future for British citizens.
According to the findings of this research, titled "Challenges of the British Pension System," conducted by the Institute for Fiscal Studies, if the current scenario continues, an insecure retirement period will await the British working class.
According to this study, approximately 90% of British citizens fail to save a sufficient portion of their income for retirement, which if done could have a positive effect on their future pension. In 2019, just 44% of Britons with an annual income of £5,000 to £10,000 made payments to their pension fund, which is far from ideal.
Meanwhile, the number of people over the age of 70 who are still working increased by 61 percent last year compared to a decade before, according to the Rest Less Society.
Stuart Lewis, the Rest Less chief executive, said: "Today we see many older workers struggling to make ends meet amid a cost-of-living crisis with insufficient retirement savings, meaning they must work to survive."
If British retirees are to prevent a worsening of their current circumstances in the future, the country's pension system must undergo immediate and comprehensive reform.
