{"id":31637,"date":"2025-04-19T01:06:10","date_gmt":"2025-04-19T01:06:10","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/31637\/"},"modified":"2025-04-19T01:06:10","modified_gmt":"2025-04-19T01:06:10","slug":"dwp-urged-to-take-action-as-brits-have-concerning-gap-in-awareness-over-retirement-age","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/31637\/","title":{"rendered":"DWP urged to take action as Brits have ‘concerning gap in awareness’ over retirement age"},"content":{"rendered":"

New research is shining light into the British public’s knowledge about the state pension, with analysis suggesting there is a “concerning gap in awareness” <\/a>about the retirement age.<\/p>\n

Some 16 per cent of people whose state pension age is between 66 and 67 either underestimate or are unaware of their correct age, a study from the Institute of Fiscal Studies (IFS)<\/a> has found.<\/p>\n

This represents around 130,000 people who may be planning their retirement based on incorrect information.<\/p>\n

According to the IFS’s senior research economist, Heidi Karjalainen, while two-thirds of individuals in their early-to-mid-60s accurately report their retirement age as 66, this drops to just two-fifths for those whose state pension age falls between 66 and 67.<\/p>\n

\"Couple<\/p>\n

Experts have warned Britons lack important knowledge regarding the state pension age<\/p>\n

GETTY<\/p>\n

The findings highlight a significant knowledge gap that could impact retirement planning for many Britons.<\/p>\n

“This gap in awareness is concerning because it can lead to financial risks,” explains Karjalainen.<\/p>\n

Many people in their late 50s and early 60s make consequential decisions about retirement timing, savings and wealth management, the economist highlighted.<\/p>\n

These critical choices may be based on incorrect assumptions about when they can start claiming the state pension.<\/p>\n

Do you have a money story you\u2019d like to share? Get in touch by emailing money@gbnews.uk.<\/a><\/strong><\/p>\n

\"Liz<\/p>\n

DWP minister Liz Kendall is making drastic changes to her department <\/p>\n

PA <\/p>\n

Experts cite that this is particularly problematic for those who have already committed to retirement dates with employers or made irreversible financial decisions.<\/p>\n

The situation is particularly concerning as the state pension represents a large part of annual retirement income for millions of people.<\/p>\n

“And for most, the state pension will represent a large part of their retirement resources,” Karjalainen points out.<\/p>\n

As it stands, the state pension age is kept under ongoing review, which means that it could change again in the future.<\/p>\n

However, this is dependent on multiple factors, including life expectancy and economic growth.<\/p>\n

Given the risks associated with unexpected delays to state pension receipt, the IFS is calling for the Government to reach out to older households.<\/p>\n

LATEST DEVELOPMENTS:<\/strong><\/p>\n

\"PensionerPension Credit can boost income by thousands GETTY<\/p>\n

“Clear and timely communication of any future increases in the SPA is important,” states Karjalainen.<\/p>\n

The IFS has previously suggested that the government should write to people around their 50th birthday with information about their legislated or likely SPA.<\/p>\n

Additionally, they recommend that the Government guarantee not to make changes to the state pension age for anyone within 10 years of reaching it.<\/p>\n

“This would help give people confidence about when they can expect to receive a state pension and facilitate financial planning in the run-up to retirement,” Karjalainen concludes.<\/p>\n","protected":false},"excerpt":{"rendered":"New research is shining light into the British public’s knowledge about the state pension, with analysis suggesting there…\n","protected":false},"author":2,"featured_media":31638,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3093],"tags":[51,1267,474,1232,617,2499,512,1786,16,15],"class_list":{"0":"post-31637","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dwp","10":"tag-finance","11":"tag-money","12":"tag-pensions","13":"tag-personal-finance","14":"tag-sgg","15":"tag-state-pension","16":"tag-uk","17":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114361950829709947","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/31637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=31637"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/31637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/31638"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=31637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=31637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=31637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}