But less than four in 10 say they feel comfortable managing this responsibilit, according to the survey. The research found that 21 per cent of private sector employees believe recent economic events mean they will have to work longer before they can afford to retire. A further 10 per cent expect to retire when planned but will have to scale back on their spending.
“Most employees today are aware that responsibility for managing their career and finances lies with themselves and they also recognise that, especially for pension planning, the shift towards personal responsibility is ongoing.” says Paul Macro, a senior consultant at Towers Watson. “However, many employees do not feel comfortable managing the provision of their retirement income needs. While 37 per cent say they are comfortable with the responsibility, 28 per cent say they are not and 34 per cent are uncertain. Many employees lack the understanding, education or tools to make the right decisions.”