The majority of UK adults are anxious about retiring, a new survey out today shows, as Brits are forced to raid their savings to make ends meet as the cost of living soars.
Nearly two thirds (58 per cent) of UK adults over 40 said they were anxious about the prospect of retiring, according to a survey by asset manager Abrdn of 2,000 adults.
Nearly 40 per cent were concerned they might not have enough money to last them through retirement, while a third were worried about not being able to afford leisure activities in their post-working life.
Around 13 per cent of those surveyed said they were delaying their retirement plans altogether because of the current cost of living crisis.
Shona Lowe, financial planning expert at Abrdn, said, however, that this fear was normal, despite the dreary poor economic climate.
“The prospect of retiring can be a daunting one, whatever your age, particularly against a backdrop of rising interest rates, high inflation levels and an ongoing cost of living crisis,” Lowe said.
While saving for retirement in the current climate could cause a great deal of stress, Lowe said seeking professional advice can be beneficial helping prepare for the future and reducing anxiety.