3 in 5 persons are ‘pressured’ about retirement

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A brand new survey has discovered that greater than three in 5 folks really feel “pressured” serious about their retirement – with the determine hovering to virtually three quarters of 25–34-year-olds.

Two-thirds of individuals additionally fear about how lengthy their pension will final, in line with the Aviva examine.

The report was revealed to coincide with Stress Consciousness Week which runs till Friday.

All age teams, apart from the over-55s, admitted to being pressured about:

  • whether or not or not they may find the money for at retirement to do all of the issues they need to do (71%)
  • how lengthy their pension pot will final (65%)
  • whether or not or not they’re paying sufficient into their pension pot (59%)
  • how early they should begin paying right into a pension (49%)

Essentially the most anxious throughout all of the age teams have been the 25–34-year-olds with the starkest contrasts in numbers being round how early they should begin paying right into a pension: 70% in comparison with the 49% nationwide common.

However there have been additionally stark contrasts after they have been requested whether or not or not they need to have multiple pension pot (70% in comparison with 50% total) or if they’re paying sufficient into their pension financial savings (77% in comparison with 59% total).

Alistair McQueen, head of financial savings and retirement at Aviva mentioned: “It’s solely pure, in a world the place most individuals are fearful about issues which might be past their management – the rising price of residing, rising inflation and rates of interest that haven’t been seen for years – that folks may really feel out of depth in terms of issues like pensions and later life preparations.”

The comparatively excellent news within the report was that just about a fifth of individuals surveyed mentioned they’d spoken to a monetary adviser.

Greater than 1 / 4 (28%) mentioned they sought assist or steerage with later life planning from household and mates, with the determine rising to virtually half (48%) of 16–24-year-olds.

In the meantime, virtually 1 / 4 of these surveyed (23%) had turned to their employer or acquired assist and assist by their office.

• The analysis was performed by Censuswide between 6 and 10 October 2022 from 2,001 common shoppers, nationwide consultant pattern.




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