Headlines: September 9th, 2013

With teacher unions planning strikes about pay and pensions, a public sector wide survey has shown that financial worries top the list of those approaching retirement.

The research by Teachers Assurance and carried out by research specialist Opinion Matters found that 24 per cent were worried about the financial aspects relating to retirement, while 26 per cent felt they wouldn’t have enough money when they retire.

The research found that 55 per cent of respondents had saved for an average of 26 to 40 years. The survey showed that 32 per cent were considering returning to work after retirement in order to meet their financial requirements. Most likely to return to work were teachers (50 per cent), whereas those in the NHS were much less likely to consider a part time role (26 per cent).

Other means by which public sector workers planned to tackle their financial worries for retirement included 20 per cent changing their expectations, 19 per cent living frugally and 7 per cent planned to earn more money form a chosen hobby.

Survey respondents also shared their negative predictions for those working in the public sector industries in future. Over 80 percent of respondents stated they felt future generations would be financially worse off in retirement, and 74 per cent believed that government and employer pension contributions would reduce within ten years.