Almost 50% of people nearing retirement don’t expect to be able to maintain their current standard of living after they pack in the day job, according to a survey by investment company Axa Financial reported in The Sunday Business Post.
The survey of 1,000 adults found 46% of people aged between 55 and 64 didn’t believe they were sufficiently prepared but things would appear to be even bleaker for younger people as 72% of those aged between 35 and 44 felt ill-prepared for retirement.
And women were markedly more fearful than men – 71% across all age groups believed they couldn’t maintain their present lifestyles, compared with 60% of men.
David Walls, a director of Axa Financial, said the survey showed a level of realism among people about their ability to cope after retirement.
“In the survey, we specifically mention the value of the state pension, and the vast majority of people feel that they currently have inadequate resources to top this up,” he said.