People 'taking responsibility' for pensions
Britons are increasingly less likely to believe that they can rely on the state to adequately fund their retirement, according to a recent survey.
The research by financial services provider Zurich found that while 29 per cent of those over 65 expected the state to fund their retirement, this figure gradually fell to only 11 per cent of those aged 18-24.
Other statistics from the survey included the findings that overall, 18 per cent of people thought they would fund their own retirement through a private pension, the same amount who thought their pension income would come from the state.
The remainder of those questioned believed their employer, home, partner, other investments or an inheritance would be the major source of retirement funding.
Dave Lowe, pensions management director at Zurich UK, said: "There is a one-way trend in pensions for individuals to take more responsibility for financing their own retirement."
He added that with increased life expectancy it was "more important than ever" for people to make adequate provision for their retirement and seek financial advice.
Earlier this month Fidelity warned that an improved life expectancy heightened the risk of retirement income running out early.
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