The start of the year is a time where many Brits start reviewing and planning their finances for the year, especially those looking to retire within the next few years.
Private and Commercial Bank Arbuthnot Latham has conducted a survey of 300 respondents asking the question “are you ready for retirement?” to discover the UK’s attitude towards retirement.
The survey revealed that internet searches for “what age can I retire” have shot up 350% over the last three months, indicating that the topic proves to be on many minds currently. But how organised did respondents feel about how they plan to spend their time, where they will live and how they will fund their retirement?
Arbuthnot Latham found that 31% of respondents felt “in control and organised”, which means they have made some future life and financial plans and have a good idea of how they will spend their time once they stop working.
Just over30% of respondents didn’t fit a straightforward attitude, with answers spread over several profiles, showing mixed attitudes towards their life after work in terms of readiness and preparation.
Around 19% expressed a “cautiously optimistic” attitude. These people are less sure about what the future holds and might benefit from considering their future wants and needs and developing a plan to help them enjoy their retirement when it comes.
Of the remaining respondents, 10% would describe themselves as “adventurous and energetic”, and the remaining 10% were “open to options”.
Those who identify as “adventurous and optimistic” plan to live life to the full, enjoying every minute of their retirement and filling their days with new experiences. Those “open to options” may be further away from retirement and as yet have not given their retirement too much thought.
The survey found that Brits have 5 key attitude Brits have towards retirement, these include:
- In Control & Organised – 31% of respondents
- Adventurous & Energetic – 10% of respondents
- Cautiously optimistic – 19% of respondents
- Open to options – 10% of respondents
- A bit of everything – 30% of respondents
Arbuthnot Latham, Head of Wealth Planning, Steve Pennington said:
“It is reassuring to see that people feel that they are taking control of their future and putting in plans for their retirement. Of course, feeling in control and actually being in control can be different things, especially as events change. We’d advise anyone to review their retirement and general financial plans on a regular basis to ensure they remain fit for the future.
No two people are the same, everyone has different aspirations as to retirement lifestyle, where they want to live, and how they plan to use, invest, preserve and pass on their wealth.”