States pension remains key funding for retirement

The majority of respondents said they were in a comfortable financial position when it came to retirement

A majority of islanders believe they will rely on a state pension as a key source of retirement funding, a survey has found.

Island Global Research looked at views on the state of retirement living in Guernsey earlier this year on behalf of campaign group Aging Well in the Bailiwick.

Of the almost 1,700 surveyed, 85% of non retirees listed the Guernsey States pension as part of their future retirement funding pot, compared with 78% of those who are already retired.

People of retirement and non retirement age were asked about their financial status and while most said they were comfortably well off, housing remains a problem for many.

Most 'comfortable' in retirement

In addition to the state pension over half of retirees said they have an occupational pension and other investments while 32% had a private pension.

Similarly more than half of those aged over 50 and still to retire said they would benefit from an occupational pension while 43% had a private pension.

The majority of respondents said this put them in a comfortable position.

One in four respondents aged over 50 who were not yet retired said they were financially "very comfortable" and 61% said they were "comfortable".

Of the retirees surveyed 30% said they were "very comfortable" and 57% financially "comfortable".

Lindsay Jefferies. from Island Global Research, said deterioration in health was a "key driver" in the decision of many to want to move home.

However, their survey found affordability and availability of suitable homes were also cited as barriers for many.

An additional two-thirds of respondents also said they were "not very well, or not at all informed" about the housing options available to them.

Over a quarter of those who had retired said their homes may need mobility adaptions to cater for problems in old age.

The survey also found retired islanders in rental accommodation were more likely to describe their finances as a "serious concern" than home owners.

The Guernsey States pension age has been gradually on the rise since 2020, from 65 to 70 years old. The pension age has been increasing by 2 months, every 10 months with it set to continue until it reaches 70 in 2049.