75% of Brits Fear Cost of Living Crisis Will Impact Their Retirement

Brits are putting retirement plans on hold and many are worried that they will be financially stretched due to the rising cost of living, according to a recent survey. According to the Unbiased survey, three quarters of those aged 50 and over are worried about how the cost of living will impact their retirement with one in two (53%) fearing that they won’t have enough income to survive financially when they stop working.

The survey also showed that:

• 6 in 10 (61%) say that the cost of living crisis means they will have to work for longer.
• 7 in 10 (71%) feel it will be hard to retire before the age of 66.
• Most Brits over 50 plan to retire at 67, but those still working at 65, plan to continue until 72.
• Stoke On Trent has the highest planned retirement age at 73.

The over 50s are already feeling the strain with more than half (55%) saying they’ve been hit hard by the cost of heating and food, 25% have had to borrow money to help them pay bills and 29% have had to dip into savings to make ends meet. 24% of those who were planning to retire in the next 3-6 months, have now decided to carry on working to counter rising prices.

The cost of living crisis has also prompted 37% to start saving for their retirement while 47% feel their plans to give up work are under threat, even though they have worked hard and deserve a comfortable retirement.

If you would like to talk about any of the issues in this article or need more general help with your finances, please get in touch with us.

This article first appeared on Unbiased.