New research has revealed a striking 34.6% of people in the UK feel uncertain about their retirement plans, with the threat of recession and cost of living crisis both adding to the unsettled feelings of many.
When asked by private and commercial bank Arbuthnot Latham: “Are you ready for retirement?”, respondents answered questions about their attitudes towards retirement based on how they plan to spend their time, where they will live, and how they will fund their retirement.
Answers pointed to four different attitudes towards retirement, with 34.6% of the 642 respondents feeling uncertain about their plans.
However, 34.5% 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.
15.5% expressed a “cautiously optimistic” attitude. These people are less certain about what the future holds and might benefit from spending some time considering their future wants and needs and developing a plan to help them enjoy their retirement when it comes.
Of the remaining respondents, 4.3% would describe themselves as “adventurous and energetic” and the remaining 11.2% were “open to options”.
Those who identify as “adventurous and optimistic” are planning to live life to the full, enjoying every minute of their retirement, filling their days with new experiences. Those “open to options” may be further away from retirement and have not yet given their retirement too much thought.
“While it is great to see that many people are feeling in control of their retirement plans, with the current economic landscape, it is unsurprising to see an almost equal number uncertain of their plans,” said Paul Clifton, Wealth Planning Director at Arbuthnot Latham, adding:
“Feeling in control and being in control can be different things, especially as events unfold. We would advise anyone to review their retirement and general financial plans on a regular basis to help ensure they remain fit for the future.”
