More than half of over-40s reckon they will have to postpone retirement to have a comfortable old age
- Over-40s spend an average five hours a week worrying about the future
- Their biggest financial regret is not saving more when younger
- The most common fear about old age is loneliness, followed by outliving savings
Over-40s spend an average five hours a week worrying about the future and more than half of those still working reckon they will have to postpone retirement, a new survey found.
Some 54 per cent of those with jobs anticipated they would have to work past retirement age in order to have enough money to afford a comfortable old age.
The biggest financial regret among the middle-aged and over is not saving more when younger, while the most prevalent fear about getting older is loneliness, according to the research by Leeds Building Society.
Looking ahead: Over-40s spend an average five hours a week worrying about the future
In terms of savings priorities, 42 per cent of over-40s are putting aside money for a decent retirement, 18 per cent to fulfil travel dreams, 28 per cent for home improvements and 4 per cent to start their own business.
The national study of 2,000 adults aged 40 to 80 found that just 13 per cent of people have no misgivings about getting older.
But loneliness in their later years worries 30 per cent of over-40s, while 27 per cent are concerned about outliving their savings, 24 per cent fear death, and 14 per cent are anxious about losing their purpose.
Some 11 per cent are worried about putting on weight and 10 per cent about being bored in old age.
Retirees made up 28 per cent of those surveyed, and they spent less time on average worrying about the future – just three hours a week, versus five hours overall.
Richard Fearon, chief commercial officer at Leeds Building Society, said: ‘It’s completely understandable that many respondents have concerns about the future but it’s really positive to see that once people do retire, they worry a lot less.’
‘We’ve spoken with a number of inspiring people in their 50s, 60s and 70s who have shown how savings can help them carry on enjoying their life and do the things they perhaps didn’t have time to do when they were younger.’
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