25-34 year olds found to be most anxious about later life planning
During this Stress Awareness Week research has been conducted to show that when it comes to later life planning, more than three in five people (61%) feel stressed when they think about their retirement.
The research, conducted by Aviva, has also found that almost three quarters (74%) of 25–34-year-olds also feel stressed when thinking about later life planning, the highest across all age groups.
The research discovered that all age groups, except over-55s, felt stressed over whether or not they will have enough money set aside at retirement to do all the things they want to do (71%); how long their pension pot will last (65%); whether or not they are paying enough into their pension pot (59%); and how early they need to start paying into a pension (49%).
The table below shows anxiety levels across the age groups when asked about retirement plans.
| Question | Average % stressed across all age groups | Age: 16-24 | Age: 25-34 | Age: 35-44 | Age: 45-54 | Age: 55+ |
| Will I have enough money to do the things I want to do when I retire? | 71% | 72% | 85% | 82% | 75% | 59% |
| Will I have enough money to retire as early as I would like to? | 66% | 68% | 81% | 78% | 73% | 50% |
| How long will my pension last me? | 65% | 65% | 80% | 75% | 71% | 51% |
| Am I paying enough into my pension? | 59% | 61% | 77% | 72% | 69% | 42% |
| How long will retirement be? | 59% | 64% | 74% | 70% | 63% | 45% |
| Will I have enough money to help my children/grandchildren when I retire? | 56% | 65% | 73% | 66% | 55% | 41% |
| Should I have more than one pension? | 50% | 57% | 70% | 63% | 53% | 34% |
| How early do I need to pay into my pension? | 49% | 57% | 70% | 64% | 52% | 30% |
Alistair McQueen, Head of Savings and Retirement at Aviva, said:
“It’s only natural, in a world where most people are worried about things that are beyond your control – the rising cost of living, increasing inflation, and interest rates that haven’t been seen for years – that [clients] may also feel out of depth when it comes to things like pensions and later life preparations. However, with a little planning, and simple rules of thumb, one can easily feel more in control of their savings and know if they are on track for the lifestyle they want in their retirement.”
