According to a report by the Help the Aged and Age Concern charity around two-thirds of over-50s fear they may have to work longer than originally planned. The report found that 60% of respondents said they might need to delay their retirement as their savings and pension rights have been hit by the "credit crunch".
Savers have suffered due to a spate of recent interest rates cuts by the Bank of England to help lift the economy. Pension savings have been knocked by stock market declines. The study found that 47% of respondents were more concerned about their pensions and savings than at the start of 2009. Another significant group affected are the increasing number of individuals, again aged over 50, who have been made redundant since the start of the recession. The report highlighted figures from the Office for National Statistics which show last year unemployment among people aged 50 or above had risen by 47%.
However, AON's Defined Contribution (DC) Pension Tracker has revealed that British assets in DC schemes have risen by over 10% in the last month. The increase is due to April being one of the best stock markets months on record brining hope that pension funds may be on the road to recovery to pre-credit crunch levels.
