When it comes to health and wealth in retirement, more people are worried about their ability to retire comfortably than their fitness in retirement. The research found that 41% of people are worried about their ability to retire comfortably, compared to 10% who worry about their fitness in retirement, while a further 49% said they worry about both these issues. These findings are at odds with the list of top New Year’s resolutions, with the top three dominated by health and fitness goals and money management coming in fourth.
Women were more likely than men to pledge to eat more healthily (51% compared to 38% for men) in the New Year. They were also more likely than men to strive to manage their finances more effectively (38% compared to 30% for men), which is in their interests given women live longer.
Based on their own previous experience the majority of people (74%) said they were likely or very likely to implement their New Year resolutions. Nearly a fifth (19%) of women said they were ‘very likely’ to implement their resolutions for 2018 compared to only 12% of men.
However, the majority (62%) of people said they hadn’t set any specific financial goals or prepared a plan for their finances in 2018.
Kate Smith, head of pensions at Aegon said: “It’s concerning to see so many people are worried about their ability to retire comfortably, yet so few have taken steps to address this with a financial plan.
“New Year resolutions are a tradition but they are notoriously short sighted. They usually focus on an immediate problem and setting short term goals to be achieved in the year ahead. Some people support these goals with action plans to achieve certain milestones by the end of the year.
“But some goals require long term plans, they aren’t things that can be achieved in just a year.
“Retirement is one of them. It might seem far in the distant future but you will only be able to retire comfortably if you start planning for it now – whether you are 25 or 45. The sooner the better.
“We live in a buy now, pay later society, where the option of borrowing is readily available. While borrowing – student loans, credit cards, mortgages and car purchase agreements – might have got you through life so far, it won’t fund your retirement.
“New Year is usually about the “new” you but it’s also a time for you to think about what you could do now for the “old” you, the future you. The sooner you start planning for retirement the more likely you are to be able to achieve the comfortable retirement you want.
“With January almost behind us I would encourage people to start planning the financial aspects of their future. It’s never too early to start saving, don’t wait for the next New Year’s Eve. Start today.”
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