Young adults aged 25 to 34 feel the most pressure when it comes to retirement planning, according to research from Aviva.
A survey of 2,000 consumers showed that 74 per cent of that age group feel anxious and stressed when it comes to pensions and retirement.
This compared to 61 per cent across all age groups, with the over 55 category reported to have the lowest levels of stress.
However, pressure about retirement was evident in all age groups, as 71 per cent of respondents confessed to being worried about whether or not they will have enough money set aside at retirement to do all the things they want to do.
Aviva’s head of savings and retirement, Alistair McQueen said given the current economic climate, the survey results were no surprise.
“It’s only natural, in a world where most people are worried about things that are beyond your control - the rising cost of living, increasing inflation, and interest rates that haven’t been seen for years – that you may also feel out of depth when it comes to things like pensions and later life preparations.
“However, with a little planning, and simple rules of thumb, you can easily feel more in control of your savings and know if you are on track for the lifestyle you want in your retirement,” McQueen said.
Question | Average % stressed across all age groups | 16-24 | 25-34 | 35-44 | 45-54 | 55+ |
Will I have enough money to do the things I want to do when I retire? | 71% | 72% | 85% | 82% | 75% | 59% |
Will I have enough money to retire as early as I would like to? | 66% | 68% | 81% | 78% | 73% | 50% |
How long will my pension last me? | 65% | 65% | 80% | 75% | 71% | 51% |
Am I paying enough into my pension? | 59% | 61% | 77% | 72% | 69% | 42% |
How long will retirement be? | 59% | 64% | 74% | 70% | 63% | 45% |
Will I have enough money to help my children/grandchildren when I retire? | 56% | 65% | 73% | 66% | 55% | 41% |
Should I have more than one pension? | 50% | 57% | 70% | 63% | 53% | 34% |
How early do I need to pay into my pension? | 49% | 57% | 70% | 64% | 52% | 30% |
In recognition of stress awareness week this week, Aviva released a number of guidance points around retirement to help give people more control over when they do it and how much they have.
Of those surveyed, the number of people who seek support in relation to their later life was a low proportion of the total.
More than a quarter of people surveyed (28 per cent) sought support or guidance with later life planning from their family and friends, but almost half (48 per cent) of those 16 to 24 did.
Meanwhile, almost a quarter of those surveyed (23 per cent) turned to their employer or received help and support through their workplace, and 18 per cent say they spoke to a financial adviser.
jane.matthews@ft.com