Retiring, after a lifetime of work, is a future many can’t wait to begin. However, M&G Wealth’s Retirement Revisited research shows that some are deeply apprehensive of what’s to come: a change in pace and purpose, and more free time on their hands has led to some worrying over new-found pressures on relationships with home - and on one’s mental health.
According to the latest research from M&G Wealth, as many as 2 in 5 (42%) are concerned that they will be bored in retirement, with a separate 42% saying that they are worried that they’ll be lonely. Compared to other countries surveyed, Britain was revealed to be the most worried about this followed by Spain (36%), France (34%), Italy (27%), and Germany (25%).
Even within Britain there seems to be a split in how different ages worry about boredom when they stop working. Over half (55%) of 18- to 34-year-olds admitted they were worried, but this drops to just 30% by the time they reach 55 years old. Similarly, 54% of young adults worry about loneliness when retire but this once again falls to 28% at 55 years old.
In terms of people’s attitudes to retiring, 1 in 5 (18%) of those surveyed say that they will continue to work past the state pension to keep them mentally active. Another 1 in 10 (8%) say that they will continue because they like socialising.
Aside from fears of being bored and lonely, many Britons are concerned that spending additional time with their partner in retirement could lead to a separation or divorce. Unfortunately, as many as 1 in 4 (23%) said that this was a real concern, with men (26%) voicing this more loudly than women (19%). Brits and the French (23%) were the most worried compared to their European counterparts in Germany (17%), Italy (18%), and Spain (22%).
Kirsty Anderson, pensions expert at M&G Wealth, comments: “Retirement is a new chapter and with that often comes feelings of anxiety over the prospect of how to fill your days. For some, switching to part time work can help alleviate those nerves, for others committing to a hobby or pastime can be a perfect outlet. Whatever you choose, it is important to see your retirement as an exciting time where you can focus on your family, friends, partner, and most importantly, yourself. Don’t let the uncertainty scare you, and instead embrace the wealth of possibilities.
“The best way to ensure that you can enjoy your retirement is to make sure you’re as financially prepared as you can be. Speaking to a financial adviser can help align your pension with your retirement goals and ensure that you spend less time being stressed and more time on doing what you want to do. Or what your partner wants to do. After all, it’s likely you’ll be spending more time with your significant other.”
