Majority feel stressed with later life planning

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Aviva has said that while Stress Awareness Week (7-11 November) is encouraging best practices for stress-management and wellbeing, its latest research has found that when it comes to later life planning, 61% of people feel stressed when they think about their retirement.

This figure rises to 74% of 25–34-year-olds.

Unsurprisingly, given the current economic climate, all age groups, with the exception of the over 55s, admit to being stressed about: whether or not they will have enough money set aside at retirement to do all the things they want to do (71%); how long their pension pot will last (65%); whether or not they are paying enough into their pension pot (59%); and how early they need to start paying into a pension (49%).

In the majority of cases, the most anxious across all age groups are the 25–34-year-olds [see table below] with the starkest contrasts in numbers being around how early they need to start paying into a pension (70% vs 49% nat.avg), whether or not they should have more than one pension pot (70% vs 50%) or if they are paying enough into their pension savings (77% vs 59%).

Alistair McQueen, head of savings and retirement at Aviva, said: “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.”

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