30% of 45+ year olds worried they can’t afford to retire

Equiniti research has found that an increasing number of people say their biggest financial challenges is fear of not being able to afford to retire. The research has revealed that the biggest financial challenge facing people from across the ages, where almost one in three (30%) were aged 45-54 or 55+, is not being able to retire.At the younger end of the scale, the nationwide poll of over 1,000 employees commissioned by Equiniti Employee Services, reported that 43% of 18-24 year olds feel that their biggest cause for concern is getting on the housing ladder.The biggest financial challenge for the remainder in this age group is paying off debts (student loans – 23%; clearing debt – 33%).Similarly, for 25-34 year olds, clearing debt (33%) and getting a foothold in the property market (29%) are of greatest concern.For those in their middle years (aged 35-44), 40% see paying off the mortgage as their biggest financial challenge.{desktop}{/desktop}{mobile}{/mobile}Phil Ainsley, managing director of Employee Services at Equiniti, said: “The research reinforces our understanding of how the financial challenges for people change as they move through different phases of their live.“The government and the financial services industry have, for years, been encouraging individuals to save for the future, using the likes of incentives, rewards and public awareness campaigns. It is, therefore, concerning that such a large number of respondents in the older age bracket don’t appear to be financially prepared for their retirement.”In the first quarter of 2015, Equiniti ran a research project on Employee Services which surveyed a total of 1,189 (606 male and 584 female) employees from across the full spectrum of UK industry sectors.

30% of 45+ year olds worried they can’t afford to retire

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