Majority of Brits to Rely on State Pensions

A significant percentage of Britons are planning to rely on the state to fund their retirement, according to new research.

Figures from a recently-published study by SHIP, the equity release trade body, revealed that 91 per cent of respondents intend to claim state retirement benefits.

The figure comes despite 91 per cent stating that it is their personal responsibility to provide for their later years.

Andrea Rozario, director general of SHIP, said that the figures were evidence that a number of people are living in a "retirement funding daydream".

"Unfortunately, the well is running dry. In 2030 there will be 14,678,000 over 65’s – more than ever before- and no way of supporting all of those in need," she said.

"British people and the government need to look at what is often their greatest asset – their property."

Equity release plans can provide homeowners with an additional income during their retirement with funds taken from the value of their property assets.

A recent report from Scottish Widows revealed that the number of people not saving any money at all increased from 20 per cent in 2009 to 37 per cent this year.