One in twelve men expecting other halves to fund their retirement

One in twelve (8 per cent) British men think that their retirement income will come from their partners, according to the latest research from Zurich UK.

The findings, part of Zurich Money Matrix, a new probe into the UK's attitudes to saving and spending, revealed a mixed picture of how the UK expects to fund retirement.

Asked about where they thought their retirement income would come from, peoples' answers were wide ranging and included private pension (18 per cent), home (11 per cent), keep working (11 per cent) and partner (11 per cent).

Interestingly, the research revealed broad gender consensus across all income sources except when it came to partner reliance, with one in twelve (8 per cent) men, against one in seven (14 per cent) women, saying they thought their retirement income would come from their other half.

When it came to reliance on the State, the findings revealed that less than one in five (18 per cent) respondents are expecting to have to rely on the State to fund retirement, with the under 25s being the age group least likely to pin their hopes on this option (see table below).

By age: per cent of people thinking the State will fund their retirement

While property and other forms of investments were also highlighted as sources of future retirement income, by just over one in ten (11 per cent) in each case, almost half (48 per cent) said they were looking to rely on the more traditional route of a pension, whether it be through a State, private or occupational scheme.

Commenting on the findings, Dave Lowe, Pensions Management Director at Zurich UK, said: "Whilst it is interesting to see that a proportion of men are looking to their partners to help fund their retirement, the most encouraging finding has to be that the message about not relying on the State seems to be hitting home, particularly among the younger generation.

"There is a one-way trend in pensions for individuals to take more responsibility for financing their own retirement.  With this certain to continue and with increased life expectancy meaning people are spending more time in retirement, it is more important than ever that people take the necessary steps to ensure they are saving adequately for their future.  The first of these steps should be seeking professional financial advice.

"While property and other forms of investment are increasingly seen by many as alternatives to saving in a pension, the fact remains that the tax advantages available through pension saving schemes are second to none and should, in the vast majority of cases, form the bedrock of people's retirement plans."

For more information, please contact:
Sara Lister - Senior Media Relations Consultant
01793 503810 / 07875 885161

Richard Wheat / Andrew Appleyard, MRM

Notes to Editors
1. Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.
2. Zurich Money Matrix is a rolling consumer-based study to track how people use, manage and view their money.
3. About the research: Zurich Financial Services commissioned ICM research to interview a random sample of 2000 adults ages 18+ by telephone. Interviews were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council, and abides by its rules. Further information at www.icmresearch.co.uk.
4. Which of the following do you think your retirement income will come from?