People approaching retirement age are more worried about how the coronavirus crisis will affect their finances than younger savers, according to data from Aegon.

A survey from the pension provider found that almost two thirds (63 per cent) of 55- to 64-year-olds reported high levels of anxiety, compared to 56 per cent of respondents between 18 and 34.

This was also higher than among respondents who were above 65 and so more likely to have reached retirement, with just 55 per cent of this group reporting high levels of anxiety.

Over half (53 per cent) of people between the ages of 55 and 64 checked the performance of their investments in the past four weeks, compared to just 18 per cent of 18 to 34-year olds.

Almost three quarters (72 per cent) of the older group had taken time to focus on stock market movements, compared to 44 per cent of the younger group of savers.

Aegon pensions director, Steven Cameron, said: “Our research shows the very different reactions people have depending on what stage of life they are at. In times of high market volatility younger investors are generally more prepared to shut out the noise, and take comfort that historically the best strategy appears to be to stay on the same course they set out on.”

However, 18 to 34 year olds have been more likely to use the crisis to make one-off investments, with 28 per cent of the group opting to do this with their money, compared to one in 10 participants from the 55 to 64 age group.

Cameron commented that in exceptional times there is a risk that people “may panic and react to market movements by rushing into financial decisions that could have long term adverse consequences”.

“After the significant falls in stock markets, it can often be in individuals’ interest to avoid cashing in stock market investments and look to draw money from other sources of savings. It can also make sense if possible to take less income or only what you really need right now. It’s always good to seek advice, and especially so in the current climate before taking any big decisions,” he concluded.

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