Research from Aviva has found that 59% of UK adults surveyed are worried about having enough money to last them in retirement, with only 13% saying they have no worries at all that their savings will last – the latter hopefully being on the ball when it comes to retirement saving! While it looks like the majority are at least concerned about their lack of preparation, only 44% are actively saving, and just 31% check each month to see if they could afford to save more.
However, even active saving may not be enough, as of the 44% who are taking proactive steps to save, 58% are still worried that they won't have enough. Perhaps unsurprisingly, concerns about retirement saving were found to peak at certain ages, with 73% of those aged 35-44 being worried that their savings won't be enough to last – arguably as they begin to realise just how much they'll need to squirrel away over the next couple of decades – followed by 70% of 25-34 year-olds.
A particularly concerning finding was the fact that almost one in four (23%) of those surveyed worry more about their looks than their pension when thinking about getting older, with 22% spending more each month on personal grooming than retirement saving. Again, the figures differ according to age, with 35% of those aged 25-34 saying they worry more about their looks and 38% spending more on grooming, despite the fact that 70% of this group are worried their savings won't be sufficient.