A wave of ‘retirement anxiety’ is sweeping the nation, fuelled by concerns over the impact of the cost-of-living crisis, according to new research from abrdn. The abrdn research highlights more than half (54%) of UK adults aged 40 years and over are anxious about retiring, with the 40-44 age group reportedly the most anxious (61%), despite being further away from retirement age.
The research unveiled both emotional and financial drivers behind this growing trend, with the majority experiencing retirement anxiety (58%) attributing it to not having saved enough money throughout their lifetime. More than half of consumers blame the cost-of-living crisis (57%), with worries about the current economy and its impact on investments and pensions cited by almost half of those surveyed (45%).
On the more emotional side, respondents are worried about being pigeonholed as old (20%) and losing their identity when they stop work (17%). Planning for retirement is now regarded as a ‘stressful life event’, ranked more stressful than divorce by the 40-44 age group. Meanwhile, across all ages job loss and moving house are still among the most stressful life events.
