According to a survey for Financial Planner Progeny, Britons expect to have to postpone their retirement from age 64 to 66 due to the pandemic.
The survey found that workers believe paying back the Covid-19 deficit will take an average of 35 years. Almost a quarter (24%) said it will take 50 years or more.
Almost two thirds (65%) said they expected further tax rises in the coming years to pay for Government spending during the pandemic. Over half (59%) expected to see a wealth tax, although only a third welcomed this.
Most believed younger generations would bear the brunt of the cost.
The immediate financial impact of the pandemic was most keenly felt by younger generations.
Some three quarters (77%) of 18 to 34-year-olds surveyed said the pandemic had made them more cautious about their finances. This is compared to 60% of the 45-54s, 51% of the 55-64s, and 44% of the over 65s.
Overall over half (62%) reported they were more cautious about their finances for a number of reasons: 46% said the possibility of reduced income; 38% said job insecurity; 38% said a rise in inflation.
A third of Britons surveyed said the pandemic had made them financially worse off with only 20% feeling better off.
Neil Moles, CEO of Progeny, said: “Our survey showed people think the young will pay a large proportion of the debt through taxes but paying down the Covid debt does not fix the bigger issue when it comes to young people and the impact of the pandemic, which is one of opportunity, confidence and financial stability. The creation of jobs and opportunities in the short term is more important than taxation.”
• The online survey was conducted by Atomik Research for Progeny among 2,002 respondents from the UK, all employed. The research fieldwork took place earlier this month.
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