Gambling on the lottery to pay your pension?

The National Association of Pension Funds (NAPF) published results from a recent survey today, some of which makes for scary reading!

“Around three million people who are not retired are relying on a lottery win to pay for their retirement, and a similar number are counting on an inheritance windfall, a new survey reveals today.

The research by YouGov for NAPF asked people who have not yet retired to list the different ways they are planning on funding their retirement.

Nearly half (49%) said they plan to do so through a workplace or private pension. But a striking 8% – or just over three million people by NAPF estimates – said they are relying on a lottery win to fund their older age, while a similar number (9%) are banking on an inheritance windfall.”

We mentioned previously that the UK pensions gap is growing, and that innovative solutions (like options for early pension release) are needed to address the problem. The NAPF’s survey highlights how urgently new thinking is needed to address the problem of funding the retirement of our aging population.