OAPs ‘face 12 years of hardship’

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THE average UK pensioner will face 12 years of hardship after their savings run out.

A global study found the UK tops the savings gap – with today’s workers likely to run out of savings seven years into their retirement. The Future of Retirement found the average retirement lasts 19 years, but the average retirement savings will be used up after a third of that time.

Christine Foyster, head of wealth development for HSBC UK, said: “We know many ­people aren’t prepared [for ­retirement]. But now we know by just how much.”