Millions hope lottery win will fund retirement

Millions of Britons are gambling their future by expecting a lottery win or large inheritance will pay for their retirement.

Skandia research suggests many people are so poorly prepared for retirement they are relying on luck to fund their old age.

The survey of 3,000 people found 51% are concerned about how they will pay for retirement.

While the majority believe traditional savings vehicles, such as pensions, savings accounts and other investments, will pay for their retirement, a worrying number hope good fortune will prevent them from living an impoverished old age.

More than two thirds of those surveyed say waiting for a large inheritance payout is a realistic option to pay for their retirement, while 11% say they hope to win the lottery and 6% say they will try and marry someone wealthy.

Skandia spokeswoman, Michelle Cracknell, says: "If you know you are in line to inherit money or property from family members, it can certainly make you feel more relaxed about your retirement years.

"But it's worrying to think that so many people are relying on things like inheritance and big money wins to help them when they stop work.

"Things can always change and the inheritance may go down in value or even disappear altogether, and the lottery and competition prizes are a pipe-dream for most of us, so it's always good to have a real plan in place."