What major life event had a negative impact on your financial plans for retirement/current retirement finances? | |
| Illness (my own health) | 31% |
| Illness (family member) | 18% |
| Redundancy | 16% |
| Reducing hours due to caring responsibilities | 16% |
| Other | 15% |
| Divorce/death of spouse/partner | 15% |
| Unexpected issues with my children which meant reducing hours/giving up work | 12% |
| Having to help my children financially | 12% |
Source: Great British Retirement Survey 2023/Interactive Investor
"Many have referenced Long Covid as an effect", Jobson added, while 16 per cent have had to reduce working hours for caring responsibilities, leading to a lower ability to save for their retirement.
While those over 55 may be able to rely more on savings, the younger generations believe their retirement prospects will be far less promising, with uncertainty around the state pension, lower expectations of inheritance, and higher levels of unsecured debt making it harder to put money aside into savings.
Wilson added: "Whether helping loved ones or not, three pressing concerns dominate the nation's retirement concerns, and all are interrelated: the rising cost of living, running out of money and not saving enough."
simoney.kyriakou@ft.com
