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Majority Look Forward To Retirement

More than half of people aged 50-70 are excited about their plans for retirement, according to a survey by Skipton Building Society.

28% of people surveyed said they were indifferent about the thought of retirement and 9% were not looking forward to their retired years.

Despite the general enthusiasm, planning for retirement is still an issue:

  • 22% said they had no or incomplete retirement plans
  • 30% of those without plans don’t know if they have enough saved to achieve them
  • two thirds said they weren’t confident that they were financially ready for retirement.

Skipton also tested people’s physical and emotional responses to traditional views about retirement. The idea that retirement was the start of a new chapter and that it was the chance to remain productive after work were welcomed; clichéd associations with old age and boredom were not.

Travel, relaxation and spending time at home and with the family were the commonly-held aspirations for retirement. However, people are also increasingly intent on continuing to work, whether on a part-time or voluntary basis.

Referring to the apparent lack of financial planning among respondents, David Cutter, Skipton’s Group Chief Executive, said the study had:

“… revealed some worrying trends – we cannot have a country bursting with aspiration, whose hopes are then struck down by apathy or aversion to financial planning.”

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