Over one in four, 27 per cent, of this year's retirees are worried that Brexit will negatively impacted their finances in the long term, Prudential has found.

According to Prudential's Class of 2017 survey, which looked at the views and position of people planning to retire this year, one in three, 33 per cent, noted that the result of the referendum last June has impacted their retirement plans.

In addition, one in nine, 11 per cent, of those who planned to retire in 2017 have changed their retirement date as a direct result of the Brexit vote. Further to this, more than one in every 20 retirees said they have changed the country they had planned to retire in, with some who had planned to stay in the UK looking to move abroad.

Nonetheless, over half of those surveyed, 67 per cent, said that the Brexit vote has had no impact at all on their retirement plans, and one in eight, 12 per cent, believe that leaving the EU will be good for their long-term finances in retirement.

Moreover, uncertainty that has followed the referendum and Brexit process has been found to underline the value of financial advice for 2017 retirees. Almost one in five, 19 per cent, noted that they are more likely to seek financial advice as a consequence of Brexit. As well as this, 14 per cent said they are concerned about the negative impact post-referendum market volaitlity could have on their pension fund.

Prudential retirement expert Kirsty Anderson, said: “People planning to retire this year are expecting the highest retirement incomes since 2008 – so on the face of it, Brexit has had little impact on their retirement expectations. However, looking below the surface, there is a degree of uncertainty and nervousness among many of this year’s retirees.

“As you would expect, for many people who have been planning and saving for their retirement for most of their working lives, even the biggest of political upheavals won’t make a difference to their long-term plans. But with one in three new retirees telling us that their retirement plans have been affected by the referendum result, it is clear that uncertainty is having an impact for some.

“It is encouraging to see that faced with uncertainty, be it around the performance of their investments or where they plan to set up home after their working lives, theClass of 2017 are seeking professional financial advice. It is also important to remember that pension saving is for the long term and, irrespective of single events no matter how momentous, the best way for most people to provide for a comfortable retirement is to save as much as possible from as early as possible, into a pension.”

Share Story: