One in Seven Pensioners Worry about Finances

One in seven pensioners say that financial worries are the worst part of their retirement, according to a new survey.

However, four per cent said that they were pleasantly surprised at how much money they had after working, and just three per cent said that they were finding it difficult to manage financially.

The survey, which was conducted by Legal & General Retail Retirement, highlights the pros and cons of retired life, and demonstrates the impact of sound financial planning.

Money management was ranked as the biggest concern for retirees, followed by the impact of getting older, and health worries. A robust six per cent of respondents said that there was “nothing” bad about their retirement.

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More than a third (37 per cent) claimed that they were particularly enjoying the time and freedom offered by their retirement, and almost a quarter (23 per cent) said that they couldn’t believe how quickly time passed. A further 23 per cent wondered how they ever found the time to work.

“Sound financial health certainly remains critical to happiness and well-being in later life, but it’s clear from this research that there are other challenges many of us face as we age,” said Chris Knight, chief executive, Legal & General Retail Retirement.

“Ultimately, no single retirement is the same, and it’s vital we all recognise the diversity of circumstances and challenges facing our older customers.”

Legal & General Retail Retirement added that the research has shown how those reaching later life need differing financial products and personal finance support than younger consumers.

The firm added that it was working with a number of charities such as the Royal Voluntary Service to help combat the non-financial concerns of retirement.

Six per cent of respondents cited loneliness as the main negative of retirement, while four per cent said losing loved ones was the worst part of getting older, and three per cent said that cold weather and the winter was the biggest drawback.

Kathryn Gaw

Kathryn Gaw is a financial journalist based in Belfast, Northern Ireland. She has been writing about personal finance and investment trends for more than a decade, and her work has been featured in the Financial Times, City A.M., the Press Association, and The Irish Independent, among many other publications.