Pensioners risk a shortfall of more than £68,000 over the course of their retirement as 33% of Brits expect to survive solely on their state pension, new research from Nationwide Building Society shows

Based on today’s pensioner spending habits, those retiring in future could be close to £400 out of pocket each month due to a gap between expectations and reality. This significant miscalculation could prove to be a major setback to tomorrow’s pensioners enjoying their later life – forcing them to abandon plans for travelling, moving home or supporting their children and grandchildren. The shortfall would be enough to enjoy a round-the-world cruise for two, buy a new car, build a conservatory and gift the grandchildren a deposit for their first home.

Nationwide, which polled more than 1,000 people aged 40 to 60, commissioned the research to better understand the issues people face when it comes to giving up work, particularly as final salary pensions continue to decline and life expectancy continues to rise. Britain’s biggest building society is currently looking at how it can better serve those approaching or already in retirement by helping them access their money in different ways.

The research shows that just four in ten (40%) people in middle age have a private pension in place. It also highlights that more than half (52%) of people aged 40 to 60 are worried about affording retirement, with four in ten (43%) not believing they will be able to afford the lifestyle they want when they finish work.

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