New research out today reveals over half (54%) of those aged 40-plus living in Sheffield believe they will have to work past retirement age in order to have enough savings to enjoy the lifestyle they want.
The study of adults aged 40-plus, commissioned by Leeds Building Society, also revealed that 38% of locals say their biggest regret is not saving enough money when they were younger, with one in five (18%) specifically stating not saving enough to retire early.
Having a happy and active future is on the minds of many 40-plus year olds in the city, 44% are saving for a comfortable retirement, with 29% of respondents also saving for home improvements. In addition, 26% are saving to support their children with 12% also stating they are saving to travel the world.
However, despite having less free time, the study revealed it’s actually those currently still in employment who are worrying most for the future, compared to those who are already retired. UK employees spend on average twice as many hours a week worrying about the future, with workers revealing they worry 150 hours extra a year on average than those who are retired.
Looking at what residents in Sheffield are worrying about most; loneliness (32%) is a bigger concern than death (26%). In addition 22% are anxious about outliving their savings and one in seven (17%) worry about not seeing their family as much (9%).
Annabel Simons, 59, is a founder of the lifestyle blog for women over 50, The CountryWives. She set up the website with a friend in 2010 and over the years, it has morphed into a leading online weekly magazine sharing useful ideas, inspiring stories, recipes, tips and advice. She commented: “We started The CountryWives as a way of keeping in touch with friends, and with a lot of self-teaching and financial investment, it’s grown to the site it is today.
“In the first few years, I had to rely on savings to maintain the blog. However, I had to be very careful not to invest too much money into it, and stick to what I could realistically afford.
“Now I’m much more confident in my writing and it’s made me realise it’s something I thoroughly enjoy. The CountryWives has really expanded my horizons and it allows me to continue to write and meet new people who are completely different to my close friends.”
Thinking about enjoying retirement, when asked to choose who they trust most to look after their pension fund out of a bank, building society or pension provider, 56% of UK respondents who selected one of those options said either a bank or a building society over a pension provider.
When asked why, 60% said they feel more control of their own money and 70% also said they would have easier access to their funds. Plus more than a third (40%) said they have the best relationship with their bank or building society.
Richard Fearon, Chief Commercial Officer at Leeds Building Society commented on the findings:
“It’s completely understandable that many respondents have concerns about the future but it’s really positive to see that once people do retire, they worry a lot less.
“We’ve spoken with a number of inspiring people in their 50s, 60s and 70s who have shown how savings can help them carry on enjoying their life and do the things they perhaps didn’t have time to do when they were younger.
“We hope those like Annabel can really help encourage and reassure people that getting older can be something to look forward to. As a building society we encourage saving so our members can have the future they hope for and we work hard to develop products to meet their needs and offer them long-term good value. We’d say it’s never too late to open a savings account and start planning for your future.”
For more inspiration on how to make the most of your retirement with your savings, visit http://www.leedsbuildingsociety.co.uk/knowledge-base/savers/another-way-to-save/ to find out how several inspirational people are having the best years of their lives.