Pensioners warned over retirement planning as quality of life fears persist | Personal Finance | Finance [Video]

More than half of UK adults anticipate lower retirement standards compared to previous generations, new research has found.

Over half (54 percent) of UK adults feel their generation’s standard of living when retired will be lower than that of their parents or grandparents, new research by SmartSave has found.

A survey of 2,000 UK adults found that 37 percent of UK adults in work are worried they will not have the means to help with their children’s and/or grandchildren’s financial futures.

Of the respondents, 40 percent stated that they are financially worse off than they were two years ago – rising to 46 percent among those aged 35-54. Meanwhile, 22 percent felt that if the cost of living keeps increasing, they’ll have no choice but to decrease or cancel their pension contributions.

Looking to the future, just under a quarter (23 percent) of respondents are considering retiring abroad due to the cost of living in the UK.

Andy Mielczarek, Founder and CEO of SmartSave, said: “For many, it …