A new survey has discovered that more than half (54%) of Scottish adults aged 40 and over feel anxious about retiring. Despite being potentially decades away from retirement, six in 10 (61%) of 40 to 44-year-olds said they feel anxious about it, asset manager abrdn found.
The cost of living crisis and the effects of the current economy on investments were behind many people's concerns, sitting alongside worries that people had not saved enough into their pension pots over their lives so far. Some people said they feel embarrassed about their lack of retirement planning or about seeking advice.
As well as financial concerns, some were worried about being labelled as ‘old’ or losing their identity when they eventually retire, however, psychologist Dr Linda Papadopoulos said retirement anxiety is a "significant issue" and some people end up seeking medical help.
