Nearly half of UK adults avoid thinking about retirement and how they will afford it because they find it makes them feel anxious, new research by My Pension Expert has revealed in an independent survey of 2,000 UK adults. Of those not yet retired, 45% said they avoid retirement planning because it brings on anxiety, while just 36% are confident they will retire with enough money to achieve their desired lifestyle.
Over half (51%) think finding a balance between short-term financial goals and saving for retirement is too difficult, with 57% stating that the rising cost of living has made it difficult to save for retirement in recent years.
In addition to financial struggles, a lack of financial education and advice emerged as another a concern. Over half (56%) of respondents think pensions are complicated and confusing, and 38% find it difficult to access reliable financial information, education or guidance.
Lily Megson, Policy Director at My Pension Expert, said: “After years of financial volatility, it’s no wonder so many people are feeling overwhelmed and anxious about their retirement prospects. Tellingly, our research shows how this is resulting in people avoiding pension planning altogether, which must be addressed.
“Compounding the issue, gaps in financial literacy have made some people feel ill-equipped to manage their finances, leaving them in the dark as to what a successful retirement saving strategy might look like for them.
“As an immediate priority, improving access to accurate, reliable financial information and advice is crucial to getting Britons back on the right track. Once people have the right resources to understand their options and feel confident in their retirement planning, the path ahead will likely feel far less anxiety-inducing.”
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