One in 12 men hope their wives will keep them in old age

One in 12 men intend to turn to their partners rather than their employers or the state for their retirement income, a survey showed.

Research by financial services provider Zurich showed the number of people depending on their employer or the government to keep them comfortable in their retirement is shrinking.

Less than one in five expect to rely on the state when they retire and almost half (48%) said they were looking at other forms of investment than an occupational or private pension to keep them going.

Also, 11% expect to work past their retirement age to avoid poverty in later life.

About 8% of men wanted their wives to cough up cash, while 14% of women wanted their men to help fund their retirement.

Dave Lowe, pensions management director at Zurich, said it was good to see people were realising they could not depend on just their company pension, state benefits or private pension to keep them in the lifestyle they have become accustomed to.

But he said employees should not shun pensions as the savings schemes still had an important part to play in funding retirement.

Lowe said: “While property and other forms of investment are increasingly seen by many as alternatives to saving in a pension, the fact remains that the tax advantages available through pension saving schemes are second to none and should, in the vast majority of cases, form the bedrock of people’s retirement plans.”

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