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Rising costs delay retirement

18 Medi 2013

Citizens Advice has said the rising cost of living means it is harder for people to financially plan for retirement as new figures from HSBC reveal 1 in 5 workers in the UK expect that they will never be able to afford to retire fully.

Citizens Advice Chief Executive Gillian Guy said:

“Prices are still rising faster than wages.  For households trying to cope with increasing housing, energy and travel costs, it often means there is little or nothing left to put aside for the future.  It’s harder for people to save or contribute to a pension pot because all of their money is spent on day-to-day living.

“The current rhetoric around pensioner privileges has sidelined the problem of pensioner poverty which is a real issue in many retired households.

“If you are pensioner struggling with your finances or are due to retire but concerned you won’t have enough money to live on, you can get help from your local Citizens Advice Bureau or online at www.adviceguide.org.uk.”

Notes to editors:

  1. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at adviceguide.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  5. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.