Preparing for later life: working longer and saving more
Preparing better for later life by saving more and working longer is particularly difficult for people in low-paid, low-skilled work. This research looks at how barriers to saving and working longer can be overcome and how policies could support low-income households to plan better for later life.
It finds that:
- The cost of living is one of the main barriers cited by participants as a barrier to saving;
- Most participants accepted they would need to work longer to be able to ‘afford’ to retire; and
- Views varied greatly according to the life stage of the individual, with younger participants prioritising family expenses such as saving for Christmas.