Nearly three quarters of Brits worried about pension adequacy

Almost three quarters (71 per cent) of Brits are stressed about not having enough money to do the things they want to when they retire, research from Aviva has revealed.

The research, which surveyed 2,001 general consumers, found that the age group most stressed about having enough money when they retire was 25-34-year-olds, 85 per cent of which reported being stressed.

This was in contrast to the least stressed age group, those aged 55 and over, of which 59 per cent said that they were stressed about having sufficient money in retirement.

This trend was also seen more broadly, as 25-34-year-olds’s status were identified as the most stressed age group across a number of specific areas of later life planning.

The starkest contrast was in relation to how early savers thought that they needed to start paying into a pension, as 70 per cent of 25-34-year-olds found this a stressful issue, compared to a 49 per cent national average.

In addition to this, a further 70 per cent of those aged 25-34 found questions as to whether or not they should have more than one pension pot stressful, compared to a 50 per cent average.

The 55 and over age group also maintained its status as the least stressed age group across the majority of cases, with just 30 per cent stressed about how early they need to pay into their pension, while just 42 per cent have stress around whether they are paying enough into their pension, compared to a 59 per cent national average.

More broadly, Aviva’s research provided insight into the sources of pension planning information, revealing that 28 per cent of people surveyed sought pension support from their family and friends, rising to almost half (48 per cent) of 16-24-year-olds.

It also revealed that, "encouragingly", almost a quarter of those surveyed (23 per cent) turned to their employer or received help and support through their workplace, and 18 per cent said they spoke to a financial adviser.

Aviva head of savings and retirement, Alistair McQueen, commented: “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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