Aging Workers Concerned About Retirement Expenses
According to recent research, older workers are less confident about retiring comfortably compared to their younger counterparts.
Only 10% of workers aged over 55 believe their pension will adequately support them in old age, while 30% of workers aged 16-24 have confidence in their pensions.
A study by insurance giant Aviva reveals that over six million workers lack confidence in their retirement planning.
Concern: Only one in ten workers aged over 55 believes their pension will be enough to support them well in old age
With the rising cost of living, seven out of ten workers are experiencing increased anxiety about their financial situation, with women being more likely to feel concerned.
Lucy Carter, a 50-year-old from York, shares these concerns. She believes her pension savings won’t be sufficient, but rising living costs make it challenging for her to increase her contributions.
As a divorced registrar earning an annual salary of £31,000, Lucy worries about the affordability of her rented home in old age.
Like many others, Lucy will heavily rely on her state pension, which currently stands at £10,600 per year (£203.85 per week).
Emma Douglas, from Aviva, emphasizes the importance of understanding pension savings and retirement options during these financially challenging times.
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