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More realistic approach crucial for retirees

17 September 2018

New research from VitalityInvest has found that many Brits are looking forward to their retirement years, with nearly half (47%) planning to go travelling. 

Spending time with family and friends (35%) and taking time to finally relax and chill out (34%) also ranked highly among respondents. Despite this, as many as 44% of UK adults do not think they will have enough money to enjoy their ideal retirement.

The research showed that millennials are the most optimistic when it comes to realising their plans for later life, with just 39% believing they will not have enough savings to enjoy retirement. In contrast, those aged between 35-54 years old were the most worried about being able to fund their perfect later life.

The survey also explored Brits’ attitude towards living a healthy life now to ensure a better retirement.

Nearly two-thirds (65%) of Brits think they could make healthier choices today to enable them to enjoy retirement more. Yet, 24% of people said they would rather lead a hectic lifestyle now – including working late hours and not taking breaks – than look after their mental wellbeing in preparation for later years. This approach to life was most noticeable among the younger generations living in London, with a third (32%) of millennials and more than a third of Londoners (38%) preferring a busy lifestyle to looking after their mental wellbeing.

Herschel Mayers, CEO of VitalityInvest and VitalityLife, said: “People are living longer and, as our research shows, they want to live full and active later lives. Yet many don’t start saving soon enough to fund those extra years or take the necessary steps to ensure they’re healthy enough to achieve their dreams.

“In fact, nearly half of the people in our study don’t think they’ll have enough money to enjoy their ideal retirement. The recent Pension Awareness Day served as a good reminder for us to start taking steps to day to ensure a better outcome in later life.”

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