REVEALED: Four in 10 British workers fear they will NEVER be able to retire

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Many Brits are fear they will never fully retire amid worries about savings and pensions

The goal of a work-free life in old age is just a pipe dream for many amid worries about long-term savings and pensions.

The survey of 1,599 adults found those under the age of 35 were more likely to be resigned to remaining in jobs until they die.

There are vast regional differences, according to the poll by analysts Mintel.

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A staggering 45 per cent of Londoners are unable to imagine escaping the grindstone, falling to just a third of those working in Scotland.

Rich Shepherd of Mintel, said: “Too many people have a negative view of retirement, with many expecting their generation’s retirement to be less comfortable than both those who came before and those to follow.

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The poll conducted by Mintel found vast regional differences

“Rising state pension ages and the struggle to save adequate funds for retirement make it easy for consumers to compare their prospective retirement with previous generations and see that they will have to work longer and receive a less comfortable pension.

Too many people have a negative view of retirement

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Rich Shepherd of Mintel

“For some, the situation is negative enough to call the very concept of retirement into question.”

The study found that 39 per cent of current workers are more likely to agree that they will never fully retire.

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Those most likely to have resigned themselves to a life of work are aged 18 to 34, at 42 per cent, in comparison with around one in three of those aged over 54.

But while many see no end to a working life, it seems some have their eyes firmly fixed on their “golden years”.

One in three plan to retire as soon as they can claim the state pension, peaking at 42 per cent of men aged 25 to 44.

And while the decision of whether and when to retire is split between different age groups, so too is the vision of retirement.

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A staggering 45 per cent of Londoners felt they would remain in jobs until they die

Overall, almost two-thirds think that their generation will not have as comfortable a retirement as previous ones, rising to 65 per cent of Generation X, defined as those born between 1965 and 1979.

The pessimism explains why a minority of Britons own a pension plan, at 42 per cent although the figure is up from 38 per cent in 2015.

A breakdown of that figure shows that just over half full-time employees and 42 per cent of men have any type of pension.

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One in three plan to retire as soon as they can claim the state pension

The number falls to 35 per cent of part-time workers, 17 per cent of self-employed individuals, and 31 per cent of women.

Away from pensions one fifth of people expect to use funds from their cash ISA to help fund retirement, 33 per cent expect to use money from a savings account.

Mr Shepherd said: “While there is an awareness among consumers that they should contribute more, relatively few do anything about it.

“More could be done to help consumers bridge the gap between knowing that they should save more, wanting to save more, and actually saving more.”

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