British workers are living beyond their means and will have to save harder or postpone their retirement for at least five years if they are to enjoy the standard of living enjoyed by today’s pensioners.
The warning comes in research conducted by Martin Weale and Ehsan Khoman of the National Institute for Economic and Social Research for the Royal Economic Society’s conference today. They conclude: “Working five years longer is inadequate to make the current consumption pattern affordable to today’s young adults.”
Being chained to the desk until the age of 70 and beyond may therefore be unpleasant but inevitable.
