Nearly six in ten oppose rise in state pension age to 68 by 2030

8th December 2013

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More than one in four British consumers think they will be worse off following the Autumn statement while nearly six in ten oppose the rise in the state retirement age.

Almost two thirds of consumers or 65% are concerned about the country’s finances while 41% believe they personally will be worse off.

Comparison site U-switch surveyed 3921 people just after the statement.  The British public are also concerned about what might be called policy omissions.

Some 74% feel care for the elderly should have been tackled, some 61% wanted action against payday loans and 56% wanted action taken to deal with low savings rates.

Just under six in ten or 59% are against the rise on the state pension age from 65 to 68 by 2030.

A significant 73% of Britons say the Chancellor does not understand the financial fears of ordinary people and 69% don’t trust the Government to make the best decisions for their financial future.

Michael Ossei, personal finance expert at uSwitch.com, says: “Despite containing some good news, the Autumn Statement has left most consumers deflated. The focus on the economy might be good for the financial health of the nation, but it has left individuals still feeling under the weather. The recovery is yet to reach their finances.

“Increasing the retirement age so that many will now have to work until they are 70 was never going to win any friends even though most people understand the reasoning behind it. For existing pensioners, a rise of £2.95 a week to the state pension simply isn’t enough to help them cope with the spiralling cost of living. Another energy supplier has announced a price hike, which will eat into this small increase.

“But what is even more disheartening is that many consumers feel the Chancellor doesn’t understand their financial fears. Consumers don’t appear to trust the Government to make the best decisions for their financial future. This is why it is so important that consumers take ownership of their own finances and take action to improve them.”

Table 1: Financial situation following the Autumn Statement by region

Financial situation following the Autumn Statement by region
Region Better off Worse off The same Don’t know
East of England 11% 36% 48% 6%
South East 11% 38% 48% 4%
North West 9% 41% 44% 6%
North East 8% 47% 40% 5%
South 10% 40% 44% 6%
South West 11% 39% 45% 6%
London 10% 38% 46% 6%
Scotland 9% 44% 41% 6%
Wales 7% 45% 46% 2%
Northern Ireland 0% 67% 22% 11%

Table 2: Financial situation following the Autumn Statement by age

Financial situation following the Autumn Statement by age
Age Better off Worse off The same Don’t know
18-24 4% 30% 43% 22%
25-34 8% 36% 44% 12%
35-44 4% 48% 40% 7%
45-54 4% 53% 37% 5%
55-64 9% 42% 45% 4%
65+ 17% 29% 50% 4%

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