Sooner rather than later? Younger and middle-aged adults preparing for retirement

Abstract

During the 1990s, the British population has been urged by government and financial institutions to make more personal preparation for retirement and to begin doing so while they are still relatively young. This paper, set within a wider analysis of people's long-term planning behaviour, investigates the extent to which a sample of the general population of Kirkcaldy in Scotland, mostly aged between 30 and 49, has given thought to the question of retirement, feels they have made financial preparation for it, and also how comfortable they expect retirement to be. While it seems likely that early planning for retirement is more common today than 20 years ago, there remain substantial sections of the population, including – but going well beyond – many in lower income groups, who appear not to be preparing, for varying combinations of reasons (including family responsibilities, personal history, cultural and general orientation to life). The study concludes that planning for retirement must be seen as part of planning as a whole, and that the propensity to plan is the outcome of a complex web of material, social, cultural and psychological factors. This suggests that even very high profile urging from politicians and financial institutions is unlikely to deliver adequate pensions for significant sections of the UK population.