UK adults blame financial crisis for retirement prospects unease

Current economic conditions mean 6% of adults aged 45-65 believe they will never retire, according to research by Standard Life.

In addition, a fifth (21%) of respondents who have retirement plans in place feel these are no longer sustainable for the future.

Standard Life's head of pensions policy, John Lawson said: "The current financial crisis has brought into sharp focus the need to make and review appropriate plans."

Others who planned still felt positive that they would be secure post retirement, with 16% citing full confidence and almost half (48%) stating they were "reasonably confident". Meanwhile, a further 10% of respondents stated they have never felt confident about their retirement provision.

Worryingly over a third surveyed (37%) have no financial plans in place for their future. Yet 72% of respondents expected to retire between 61 and 70 years old, signalling a gulf between perception and reality.

Lawson attributed this to the fact, "people do not really understand how much a pension costs. To provide a pension of £10,000, realistically you're going to have quarter of a million in savings and most people don't realise that. They're completely disconnected from the basic maths. People often underestimate how long they're going to live. We need to educate people, to make sure they're planning properly. "