UK workers amongst worst prepared for retirement

UK workers are having to make "significant cuts" to their living standards to prepare for retirement.

With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.

UK workers amongst the worst prepared in saving for retirement Credit: John Stillwell/PA Wire

According to research from HSBC, UK workers are the worst-prepared, facing 12 years of living standard cuts.

Research also found that people are placing too much reliance on the state to help them in their later years.

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'Significant cuts' for retirement

UK workers are having to make "significant cuts" to their living standards to prepare for retirement. With savings usually lasting around seven years, the average retirement is expected to carry out for 19 years.