Mind the pensions funding gap
The UK is facing a mammoth pensions funding gap that could balloon to $33tn by 2050, up from an estimated $8tn shortfall in 2015.
This is one of the many forecasts made by the World Economic Forum (WEF).
The research anticipates that around a third of average retirement income will come from workplace pension schemes, with another
quarter from individual savings and investments. But that still implies 42% of retirement income coming from state pensions.
‘The anticipated increase in longevity and resulting ageing populations is the financial equivalent of climate change,’ says Michael Drexler of the WEF.