Fifth of Workers say they will Never Afford to Retire

Steve-WebbAccording to a negative report, it has been revealed that about fifth of the workers fear that they will never have enough money to get retire.

As per the survey done by HSBC, it has been found that about one third of the people were "not preparing adequately" for their retirement, whereas another third of the population were not saving at all.

Steve Webb, Pension Minister, forced the government to help people, so that they can save more and spend less, especially those who are earning less money.

He added that the new plans must be enforced so that the people can retire at their early stages of life, instead of being trapped in the existing culture of "panic at 50".

With the gradual advancement in the modern world, under-saving is a chronic problem. This problem is being prevailing in the country from past decades. People need to save more and work for long time.

Workers of Australia, Mexico and China believe that they have enough money for fun for at least half of the retirement. But, the workers of United States think their saving are not enough and they will have to fund two thirds of their retirement.

Ros Altmann, Former Government pension's adviser, said: "People are going to have to save more but they are also going to have to work a bit longer too".