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Half of ill workers face pension poverty
5 Jun
Summary
- 50% of adults with health issues risk pension poverty.
- Illness forces many to stop working or reduce hours.
- Care costs cause high anxiety for those with health conditions.
Millions of UK workers dealing with physical or mental health challenges are on the brink of a retirement income crisis, with a major report indicating half are at risk of pension poverty. This situation is nearly double the rate seen in the general population.
The findings highlight how long-term illnesses are forcing individuals out of work or into reduced hours. This significantly impacts their earnings and pension accumulation, jeopardizing their financial future.
Research reveals that 29% of adults have experienced health issues that hampered their work in the last five years. One in ten have stopped working entirely due to ill health.
Beyond retirement income, there's widespread concern over funding future care. A third of adults haven't considered care costs, and over half lack confidence in affording them. This anxiety is more pronounced among those with existing health conditions, with 67% expressing such fears.
