People ‘fear for their finances’ in retirement

A number of individuals are concerned they will not be able to afford to maintain their current standard of living once they retire.

MGM Advantage has released figures that show almost a third of all non-retired adults in the UK believe their living standards will decline once they finish working.

Almost six million people fear they will be “significantly” worse off in their after-work years, which equates to more than 15 per cent of the adult population.

The study found that Britons who are approaching retirement age are the most sceptical about how pleasant life after employment will be.

Sales and marketing director at the organisation Aston Goodey commented: “People who have worked hard all of their lives are now facing the prospect of not having sufficient income to maintain their current lifestyle.”

Research recently released by the Children’s Mutual showed that more than half of parents in the UK who have children aged between 18 and 30 years old are planning to delay their retirement in order to finance their offspring.

By Joe Shervin